Baker Hughes Announces Fourth-Quarter and Full-Year 2024 Results

Core Insights - Baker Hughes Company reported exceptional fourth-quarter results for 2024, achieving new records in revenue, free cash flow, and adjusted measures of EPS, EBITDA, and EBITDA margin, indicating successful execution of its profitable growth strategy [4][5][18] - The company anticipates continued strong EBITDA growth in 2025, primarily driven by its Industrial & Energy Technology (IET) segment [4][5] Fourth-Quarter Highlights - Orders for the fourth quarter reached $7.5 billion, with IET orders contributing$3.8 billion, reflecting strong demand in LNG and gas infrastructure [5][7] - Revenue for the quarter was $7.4 billion, representing an 8$1.2 billion, a 168% increase year-over-year, with GAAP diluted EPS at $1.18 and adjusted diluted EPS at$0.70 [7][27] - Adjusted EBITDA for the quarter was $1.31 billion, up 20$28.2 billion, with IET orders at $13 billion, marking the second-highest order year ever for the company [5][40] - Full-year revenue was$27.8 billion, a 9% increase compared to 2023 [7][40] - Attributable net income for the year was $2.98 billion, with adjusted EBITDA reaching$4.59 billion, a 22% increase year-over-year [7][40] Segment Performance - The IET segment saw significant growth, with orders increasing by 24% year-over-year to $3.76 billion and revenue rising by 21$3.49 billion [36][37] - The Oilfield Services & Equipment (OFSE) segment experienced a decline in orders and revenue, with fourth-quarter revenue at $3.87 billion, down 2$0.23, reflecting confidence in its earnings and free cash flow durability [5][4] Market Position and Awards - Baker Hughes secured multiple project awards in the LNG sector, including a major contract for a modularized LNG system and power island [10][11] - The company continues to strengthen its position in gas infrastructure, evidenced by significant contracts in Saudi Arabia and various service agreements in the LNG sector [9][11][12]