Baker Hughes Co (NASDAQ:BKR) stock fell 2.16% (As on January 24, 11:09:15 AM UTC-4, Source: Google Finance) after the company missed the analysts’ expectations for both topline and bottomline. The Company’s total book-to-bill ratio in the quarter was 1.4. Industrial & Energy Technology book-to-bill in the quarter was 1.8. Adjusted operating income (a non-GAAP measure) for the fourth quarter of 2022 was $692 million, which excludes adjustments totaling $29 million before tax. Adjusted operating income for the fourth quarter was up 38% sequentially and up 21% year-over-year. Adjusted EBITDA (a non-GAAP measure) for the fourth quarter of 2022 was $947 million, which excludes adjustments totaling $29 million before tax. The sequential increase in Adjusted operating income and Adjusted EBITDA was driven by volume in both segments, and higher pricing in Oilfield Services and Equipment. The year-over-year increase in Adjusted operating income and Adjusted EBITDA was driven by volume and pricing in both segments and productivity in Oilfield Services and Equipment partially offset by cost inflation in both segments and higher equipment mix in Industrial & Energy Technology.

Moreover, Remaining Performance Obligations (RPO) in the fourth quarter ended at $27.8 billion, an increase of $3.1 billion from the third quarter of 2022. Oilfield Services & Equipment RPO was $2.6 billion, up 8% sequentially, while Industrial & Energy Technology RPO was $25.3 billion, up 13% sequentially. Within Industrial & Energy Technology RPO, Gas Technology – Equipment RPO was $9.5 billion and Gas Technology – Services RPO was $13.6 billion. Other non-operating loss in the fourth quarter of 2022 was $254 million. Included in other non-operating loss were unrealized mark-to-market net losses in fair value for the investments in ADNOC Drilling and C3 AI of $89 million and $11 million, respectively. Also included were $81 million of charges related to the termination of the Tax Matters Agreement with General Electric. Cash flows generated from operating activities were $898 million for the fourth quarter of 2022. Free cash flow (a non-GAAP measure) for the quarter was $657 million. Capital expenditures, net of proceeds from disposal of assets, were $241 million for the fourth quarter of 2022. Oilfield Services & Equipment capital expenditures in the quarter were $182 million, Industrial & Energy Technology capital expenditures were $52 million.

BKR in the fourth quarter of FY 22 has reported the adjusted earnings per share of 38 cents, missing the analysts’ estimates for the adjusted earnings per share of 41 cents, according to Zacks Investment Research. The company had reported the adjusted revenue growth of 8 percent to $5.91 billion in the fourth quarter of FY 22, missing the analysts’ estimates for revenue of $6.06 billion.