Third-quarter highlights
- Orders of $6.7 billion, including $2.9 billion of IET orders.
- RPO of $33.4 billion, including record IET RPO of $30.2 billion.
- Revenue of $6.9 billion, up 4% year-over-year.
- Attributable net income of $766 million.
- GAAP diluted EPS of $0.77 and adjusted diluted EPS* of $0.67.
- Adjusted EBITDA* of $1,208 million, up 23% year-over-year.
- Cash flows from operating activities of $1,010 million and free cash flow* of $754 million.
- Returns to shareholders of $361 million, including $152 million of share repurchases.
Baker Hughes has announced results for the third quarter of 2024.
'We delivered another quarter of record EBITDA, highlighted by exceptional operational performance across both segments. Our margins continue to improve at an accelerated pace, with total company EBITDA margins increasing to 17.5%. This marks the highest margin quarter since the company was formed. On the back of our solid third-quarter results and stable outlook, we remain confident in achieving our full-year EBITDA guidance midpoint,' said Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer.
'Orders remain at solid levels, with IET orders of $2.9 billion marking the eighth consecutive quarter at or above these levels. IET continued to demonstrate strong order momentum for gas infrastructure and FPSOs, booking the largest ever ICL compressor award from Dubai Petroleum Establishment for the Margham Gas storage facility and two FPSO awards with separate offshore operators.'
'Overall, our segments continue to make strong progress on their journey toward 20% EBITDA margins, with both segments achieving high-teen margins during the quarter. Our operational discipline and rigor continue to gain traction.'
'We are also benefiting from the life-cycle attributes of our service offerings and the breadth of our portfolio. With significant recurring IET service revenue, strong production-levered businesses, untapped market opportunities, and improved cost structure, we are becoming less cyclical and capable of generating more durable earnings and free cash flow across cycles.'
'We are successfully executing our strategy, and this is a testament to the strength of our people and the culture we are building,' concluded Simonelli.
* Non-GAAP measure. See reconciliations in the section titled 'Reconciliation of GAAP to non-GAAP Financial Measures.'
