US oilfield services company Baker Hughes saw growth in the fourth quarter – but not as much as projected by analysts.

However, the company maintains a positive outlook on the sector, according to the group’s Q4 interim report released Monday.

”Despite recessionary pressures in some of the world’s largest economies, we maintain a positive outlook for the energy sector, given supply shortages appear likely to persist,” states Chairman and Chief Executive Officer of Baker Hughes Lorenzo Simonelli in the report.

In Q4, the company’s revenue grew by 6.9% year-over-year to USD 5.9bn, slightly below analysts’ consensus of USD 6.08bn.

Adjusted earnings per share rose to USD 0.38 from USD 0.25 in the same period last year, not far from analysts’ estimate of USD 0.40.

The adjusted earnings before interest, taxes, depreciations and amortizations prove a positive surprise, however, rising by 21% to USD 692m against USD 664.1m as estimated by analysts.

The share price jumped 1.7% in pre-market trading following the release of the Q4 report.