Investment Rating - The investment rating for Baker Hughes is "Outperform" based on the expected performance relative to the market benchmark [3][23]. Core Insights - Baker Hughes reported an adjusted net EBITDA of $1.13 billion for Q2 2024, exceeding market expectations and guidance [1][33]. - The company raised its revenue guidance for FY 2024 to a midpoint increase of 5%, with previous revenue guidance set at $26.5-28.5 billion [1][33]. - The overall revenue for Q2 2024 was $7.14 billion, reflecting a 13% year-over-year increase, driven by strong performance across all segments, particularly in the Industrial and Energy Technology sector, which grew by 59% [1][33][34]. Summary by Sections Financial Performance - For Q2 2024, total revenue was $7.14 billion, up 13% year-over-year, with adjusted EBITDA at $1.13 billion, a 25% increase from the previous year [21][33]. - The EBITDA margin for Q2 2024 was reported at 15.8%, aligning with market expectations [1][33]. Segment Performance - The Oilfield Services and Equipment segment generated revenue of $4.01 billion, a 3% increase year-over-year, with an EBITDA margin of 17.9% [19][21]. - The Industrial and Energy Technology segment reported revenue of $3.13 billion, a 28% increase year-over-year, with an EBITDA margin of 15.9% [34]. Guidance and Expectations - The company has not provided specific tax rate guidance for FY 2024, which is expected to be in the range of 27-32% [1]. - The overall positive performance and raised guidance suggest a favorable outlook for Baker Hughes in the upcoming quarters [1][33].

(Photo: Ken Cedeno) A leading energy industry report has revealed a steadily climbing number of oil and gas rigs in the U.S., offering a harbinger of improved near-term oil and gas production stateside. A breakdown of published data indicated that oil rigs rose by five to 482 last week, while the number of gas rigs fell by two to 101, pointing to a net rise of three rigs. It also marked the second consecutive weekly rise taking the country's monthly rise to its highest level since November 2022. However, aw ...

(Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Registrant's telephone number, including area code: (713) 439-8600 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer" "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act ...

Baker Hughes Company (NASDAQ:BKR) Q2 2024 Results Conference Call July 26, 2024 9:30 AM ET Company Participants Chase Mulvehill - VP, IR Lorenzo Simonelli - Chairman and CEO Nancy Buese - CFO Conference Call Participants Luke Lemoine - Piper Sandler David Anderson - Barclays James West - Evercore Arun Jayaram - JPMorgan Securities Stephen Gengaro - Stifel Operator Good day, ladies and gentlemen, and welcome to the Baker Hughes Company Second Quarter 2024 Earnings Call. At this time all participants are in a ...

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 ...

Over the last four quarters, the company has surpassed consensus EPS estimates four times. While Baker Hughes has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? One other stock from the same industry, Drilling Tools International Corp. (DTI) , is yet to report results for the quarter ended June 2024. Baker Hughes (BKR) came out with quarterly earnings of $0.57 per share, beating the Zacks Consensus Estimate of $0.49 per share. This comp ...

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 ...

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. About Baker Hughes: Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people ...

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 ...