The U.S.-based oilfield services firm Baker Hughes saw its earnings decline but revenues increase in both the fourth quarter of 2019 and for the full year, the company's financial results statement released Wednesday showed.
Net income in the final quarter of last year came in at $48 million -- a decrease of 63.3% from the $131 million recorded in the last quarter of 2018.
For the full year of 2019, net income was $128 million -- a 34.3% decline from the $195 million for the full year of 2018.
Revenue, on the other hand, posted increases for both the fourth quarter and full year of 2019, according to the financial results statement.
The company posted revenue of $6.34 billion in the fourth quarter of last year, marking a 7.8% increase from the $5.88 billion recorded for the same period of 2018.
The firm also saw revenue of $23.84 billion for the full year of 2019 -- a 4.2% rise from the $22.88 billion revenue in 2018.
“As we look ahead to 2020, we see a macro environment that is slowly improving," Baker Hughes Chairman, President and CEO Lorenzo Simonelli said in the statement.
By Ovunc Kutlu