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canadian goose jacket Sept 28 Summary analysis Baker Hughes Inc. 28 Sep 2012CREDIT RATING: A/Stable/A 1 Country: United uk canada goose StatesPrimary SIC: Oil and gas fieldMult. CUSIP6: 0572E005 May 2006 A/A 1 A/A 1The ratings on Houston based oilfield services provider Baker Hughes Inc. Canada Goose sale reflect our assessment of the canada goose black friday sale company business risk and financial risk profiles. The ratings incorporate the company strong competitive position in the oilfield services sector, broad and technologically canadian goose jacket complex product and service offering, track record of Canada Goose Coats On Sale solid free cash flow generation through prior industry cycles, and historically conservative financial policies. The ratings also reflect the company participation in the highly cyclical and competitive oilfield service sector. canadian goose jacket

canada goose coats We Canada Goose Outlet view Baker Hughes business canada goose clearance profile as strong. It is the third largest diversified oilfield services company (in terms of revenues) and provides equipment and services to major, independent, and national oil companies worldwide. Baker Hughes business risk profile benefits from favorable product and service line breadth and depth. The company provides a wide array canada goose factory sale of oilfield products and services that include pressure pumping, directional drilling, drilling evaluation, wireline, drill bits, oilfield chemicals and fluids, cheap canada goose uk and artificial lift (electrical submersible pumps and progressing cavity pumps). The company benefits from favorable relationships with key customer groups and has a technologically complex canada goose uk shop offering, which Canada Goose Online helps differentiate products and services. canada goose coats

canada goose store Baker Hughes holds a top canada goose outlet three market share position in almost all of the major oilfield service buy canada goose jacket cheap product and service categories. With the acquisition of BJ Services in 2010, the company gained a meaningful presence in pressure pumping (stimulation and cementing services) which significantly enhanced the company ability to compete on bundled projects. Despite a good market position, Baker Hughes faces intense competition from peers such as Schlumberger Ltd., Halliburton Co., Weatherford International Ltd., and some smaller niche oilfield services providers in certain markets. canada goose store

canada goose clearance Despite recent difficulties, we believe profitability in the second uk canada goose outlet half will improve modestly, given expectations of improved international demand and steps taken by management to shore up the performance of its North American pressure pumping business. Although the company has experienced solid year over year revenue growth, overall profitability has weakened over the past two cheap Canada Goose quarters. Because of increasing exploration and production company demand, consolidated revenues in the first canada goose uk black friday half were 15% higher than the year canada goose store ago period and growth rates were roughly equal among the company four geographic business lines. Despite increased demand, consolidated EBITDA margins declined to 19% in the first half of the year compared canada goose coats on sale with the 21% level experienced in the same period last year. We attribute much of this decline to recent challenges in the company North American pressure pumping business line, which has seen increased competition, supply chain difficulties, and an escalation of raw materials costs. Partly offsetting this weakness has been a notably stronger performance within the company Europe/Africa/Russia/Caspian geographic segment. canada goose clearance

Canada Goose online We Canada Goose online view the company financial profile as modest. The company has historically maintained low debt, observed conservative financial policies, and demonstrated free cash flow generation during industry downturns. Even though credit protection canada goose uk outlet measures have historically been strong for the rating category, recent results have exhibited slight deterioration, given higher debt balances and weaker profitability. Trailing 12 months funds from operations was 48%, which is at the low end of our expectations for the rating category. Canada Goose online

cheap Canada Goose Baker Hughes credit protection measures are likely to improve over the next several quarters. We estimate buy canada goose jacket that the company will generate EBITDA of $4.1 billion and $4.6 billion in 2012 and Canada Goose Jackets 2013. Underlying this forecast is our assumption Canada Goose Parka that company will grow revenues by canada goose clearance sale roughly 10% in 2012 and 5% in 2013, accompanied by a recovery in EBITDA canada goose margins to about 20% in 2013. Corresponding levels of funds from operations are $2.8 billion and $3.2 billion, respectively. We expect capital spending and dividend payments of roughly $3 billion annually to be largely funded through internally generated cash flows. Debt balances will canada goose coats likely moderate somewhat in the second half of the year as working capital levels fall. As a result, we forecast that funds from operations will strengthen to levels slightly above the 50% to 55% range we consider appropriate for the rating category cheap Canada Goose.

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