Shares of Baker Hughes Co. rose 1.2% premarket Thursday, after the oilfield products and services company posted better-than-expected revenue for the fourth quarter, offsetting a profit miss. The company posted net income of $294 million, or 32 cents a share, down from $653 million, or 91 cents a share, in the year-earlier period. Adjusted per-share earnings came to 25 cents, below the 28 cent FactSet consensus. Revenue rose to $5.519 billion from $5.495 billion a year ago, ahead of the $5.491 billion FactSet consensus. “As we look ahead to 2022, we expect the pace of global economic growth to remain strong although slightly moderate compared to 2021,” CEO Lorenzo Simonelli said in a statement. “We believe the broader macro recovery should translate into rising energy demand for 2022 and relatively tight supplies for oil and natural gas, providing an attractive investment environment for our customers and a strong tailwind for many of our product companies.” Shares have gained 15% in the last 12 months, while the S&P 500 has gained 17.7%.
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