Financial Data and Key Metrics Changes - The company reported a 46% year-over-year growth in earnings per share (EPS) and a 25% increase in EBITDA, with EBITDA margins rising almost 150 basis points year-over-year to 15.8% [48][49][63] - Free cash flow for the quarter was $106 million, bringing the first half total to $608 million, with expectations for stronger free cash flow in the second half of the year [119][65] Business Line Data and Key Metrics Changes - The Integrated Energy Technology (IET) segment achieved $3.1 billion in revenue, up 28% year-over-year, driven by a 59% increase in Gas Tech Equipment revenues [147] - IET orders totaled $3.5 billion during the quarter, with non-LNG Gas Tech Equipment accounting for 97% of the total [67][43] - The Oilfield Services and Equipment (OFSE) segment reported EBITDA of $716 million, up 13% year-over-year, with a margin rate of 17.8%, increasing 144 basis points year-over-year [103][106] Market Data and Key Metrics Changes - The company anticipates high single-digit growth in international markets compared to last year, with strong performance in the Middle East and a seasonal recovery in the North Sea [36][70] - Year-to-date offtake contracting for LNG is 42% higher than the same period last year, indicating a record-breaking year for contracting offtake volumes [52] Company Strategy and Development Direction - The company is focusing on enhancing operational consistency and driving sustainable margin improvements, with a target of achieving 20% EBITDA margins in OFSE by 2025 and in IET by 2026 [107][108] - There is a strong emphasis on gas infrastructure and new energy markets, with expectations for significant growth in these areas due to rising global natural gas demand [55][83] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of natural gas in meeting growing power demand and the potential for LNG demand to increase by mid-single digits annually through the end of the decade [83][92] - The company remains optimistic about international growth, particularly in the Middle East, and anticipates a rebound in North America in the second half of 2025 [20][144] Other Important Information - The company returned $743 million to shareholders in the first half of the year, including $209 million in dividends and $166 million in share repurchases [66][99] - The record backlog in IET, ending the quarter at $30.2 billion, reflects a 10% year-over-year increase and positions the company for strong revenue visibility [68][97] Q&A Session All Questions and Answers Question: What are the key drivers for cash flow expectations? - Management noted that free cash flow is typically back-end loaded, influenced by timing of collections from key customers and down payments [3][7] Question: Can you discuss the growth in non-LNG orders? - Management confirmed strong orders across IET, particularly in gas infrastructure, and anticipates continued robust orders into 2025 [10][12] Question: What are the expectations for international growth? - Management expressed confidence in international growth, particularly in the Middle East, and noted that North America is expected to rebound in the second half of 2025 [20][144]

Baker Hughes Company (BKR) reported second-quarter 2024 adjusted earnings of 57 cents per share, which beat the Zacks Consensus Estimate of 49 cents. The bottom line also improved from the year-ago quarter's level of 39 cents. The strong quarterly results were primarily driven by significant contracts in its Oilfield Services & Equipment segment, including major contracts with Petrobras and the State Oil Company of Azerbaijan Republic. Additionally, the Industrial & Energy Technology segment's leadership in ...

Core Insights - Baker Hughes reported quarterly earnings of $0.57 per share, exceeding the Zacks Consensus Estimate of $0.49 per share, and showing an increase from $0.39 per share a year ago [3] - The company generated revenues of $7.14 billion for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 4.77%, and up from $6.32 billion in the same quarter last year [7] - Baker Hughes has outperformed consensus EPS estimates four times over the last four quarters [1] Company Performance - Baker Hughes shares have increased approximately 2.1% since the beginning of the year, while the S&P 500 has gained 13.8% [4] - The current Zacks Rank for Baker Hughes is 3 (Hold), indicating expected performance in line with the market in the near future [5] - The company has topped consensus revenue estimates three times over the last four quarters [7] Industry Context - The Oil and Gas - Field Services industry, to which Baker Hughes belongs, is currently ranked in the bottom 14% of over 250 Zacks industries [9] - Drilling Tools International Corp. is expected to report revenues of $42.72 million, reflecting a 12.7% increase from the previous year [6] Future Outlook - The consensus EPS estimate for the upcoming quarter is $0.55, with projected revenues of $7.04 billion, and for the current fiscal year, the estimate is $2.09 on revenues of $27.58 billion [15] - The sustainability of Baker Hughes' stock price movement will largely depend on management's commentary during the earnings call [10]

Baker Hughes Company Announces Second-Quarter 2024 Results • RPO of $33.5 billion, including record IET RPO of $30.2 billion. • GAAP diluted EPS of $0.58 and adjusted diluted EPS* of $0.57. HOUSTON & LONDON (July 25, 2024) – Baker Hughes Company (Nasdaq: BKR) ("Baker Hughes" or the "Company") announced results today for the second quarter of 2024. "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 s ...

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, inc ...

Core Viewpoint - Baker Hughes announced a quarterly cash dividend of $0.21 per share, reflecting a 5% increase compared to the same quarter last year [1][3]. Company Overview - Baker Hughes (NASDAQ: BKR) is an energy technology company providing solutions to energy and industrial customers globally, with operations in over 120 countries [2]. Dividend Details - The declared quarterly cash dividend of $0.21 per share is payable on August 16, 2024, to shareholders of record on August 6, 2024 [3]. - The dividend reflects a 5% increase, or $0.01, compared to the same quarter last year [1][3]. - The company expects to fund its quarterly cash dividend from cash generated from operations [4].

HOUSTON and LONDON, July 25, 2024 (GLOBE NEWSWIRE) -- Baker Hughes (NASDAQ: BKR) announced today that the Baker Hughes Board of Directors declared a quarterly cash dividend of $0.21 per share of Class A common stock payable on Aug. 16, 2024, to holders of record on Aug. 6, 2024. In line with our stated goal to responsibly grow the dividend over time, the dividend reflects a 5% increase, or $0.01, compared to the same quarter last year. Baker Hughes expects to fund its quarterly cash dividend from cash gener ...

Baker Hughes Company (BKR) is set to report second-quarter 2024 results on Jul 25, after the closing bell. The company beat on earnings in each of the trailing four quarters, delivering an average surprise of 11.4%. This is depicted in the graph below: The Zacks Consensus Estimate for second-quarter earnings per share of 49 cents has witnessed one upward revision and one downward revision in the past seven days. The consensus estimate implies an increase of 25.6% from the year-ago reported number. Factors t ...

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The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 25. On the other hand, if they miss, the stock may move lower. Zacks Consensus Estimate Revenues are expected to be $6.81 billion, up 7.9% from the year-ago quarter. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates ov ...