Second-quarter highlights
- Orders of $7.5 billion, including $3.5 billion of IET orders.
- RPO of $33.5 billion, including record IET RPO of $30.2 billion.
- Revenue of $7.1 billion, up 13% year-over-year.
- Net income attributable to the Company of $579 million.
- GAAP diluted EPS of $0.58 and adjusted diluted EPS* of $0.57.
- Adjusted EBITDA* of $1,130 million, up 25% year-over-year.
- Cash flows from operating activities of $348 million and free cash flow* of $106 million.
- Returns to shareholders of $375 million, including $166 million of share repurchases.
Baker Hughes has announced results for the second quarter of 2024.
'Our strong second-quarter results further demonstrate that we are on the right path in executing our strategy. We continue to strengthen our operating performance, which is driving meaningful margin expansion across both segments. Following our first-half outperformance, we are raising the midpoint of our full-year guidance by 5% and are confident in our ability to drive margins structurally higher over the coming years,' said Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer.
'Order momentum continues, highlighted by $3.5 billion of IET orders during the quarter that included a large SONATRACH award for gas-boosting in Algeria's Hassi R'Mel gas field. This marks the highest quarterly non-LNG equipment bookings in the Company's history and again underscores the breadth and versatility of our IET portfolio. New energy continues to gain momentum as we booked $445 million of orders, also a record for the Company.'
'Across both segments, we delivered outstanding second-quarter results, leading to a 25% year-over-year increase in total company adjusted EBITDA and 46% growth in adjusted EPS. Total company adjusted EBITDA margins increased almost 150 basis points year-over-year to 15.8%. This is a testament to the enhanced operational rigor that is being exercised across our IET and OFSE segments.'
'We continued the positive trend of returning meaningful cash to shareholders. In the quarter, we paid dividends of $209 million and repurchased $166 million of shares, remaining on course to return 60% - 80% of free cash flow to our shareholders.'
'Our exceptional second-quarter results are a credit to the hard work and dedication of the employees at Baker Hughes; I recognize this and express my sincere thanks to all of you,' concluded Simonelli.
' Non-GAAP measure. See reconciliations in the section titled 'Reconciliation of GAAP to non-GAAP Financial Measures.'
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Source: Baker Hughes
