Fri, Jul 26, 8:36 PM (43 days ago)
Baker Hughes Company reported a strong Q2 2024 with a 13% increase in revenue to $7.1 billion, driven by higher volumes in both the Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET) segments. OFSE revenue grew by 3%, supported by increased activity in Subsea & Surface Pressure Systems, while IET saw a 28% rise due to higher volumes in Gas Technology Equipment. Operating income surged by 62% to $833 million, bolstered by higher volumes, price improvements, and cost-optimization initiatives. Net income attributable to Baker Hughes rose to $579 million from $410 million in Q2 2023. Cash flow from operations was $1.1 billion for the first half of 2024, down from $1.3 billion in the prior year, primarily due to working capital adjustments. The company returned $375 million to shareholders through dividends and share repurchases in Q2 2024. Looking forward, Baker Hughes remains optimistic about the LNG market and expects continued growth in international and offshore markets, despite uncertainties in North America.