Baker Hughes Co. has reported $6.4 billion in revenue for the first three months of 2024, down six percent from the prior quarter but up 12 percent against the same period a year ago driven by the Middle East and Asia.
The Middle East and Asia accounted for $1.4 billion of the energy solutions company’s revenue for the January–March 2024 quarter, while North America followed as the second biggest contributor at $990 million. Notably, Baker Hughes’ revenue from Europe surged 29 percent year-on-year. The year-over-over year increase in overall revenue was helped by a decline in impairments and other costs, according to Baker Hughes’ quarterly press release.
“We have started the year positively on the orders front”, chair and chief executive Lorenzo Simonelli said in a statement. “This is particularly evident in the IET [industrial and energy technology] segment, where we booked $2.9 billion of orders during the quarter, including large awards from Aramco [Saudi Arabian Oil Co.] for the Master Gas System 3 and Black & Veatch for Cedar LNG”.
Baker Hughes has been tapped as a supplier for a 4,000-kilometer (2,485.5 miles) pipeline under the gas infrastructure expansion project in Saudi Arabia, the Houston, Texas-based company said in a separate news release, not disclosing the value of the contract.
Net profit totaled $455 million, or $0.45 per diluted share, down 21 percent year-on-year but up four percent quarter-on-quarter. Adjusted for non-recurring or extraordinary items, net income for the first quarter stood at $429 million, up 48 percent by prior-year comparison but down 16 percent sequentially.
Baker Hughes recorded an operating profit of $653 million, up 49 percent year-on-year but flat relative to the prior quarter. Operating activities generated $784 million in cash flow, up 70 percent year-on-year but down 16 percent quarter-on-quarter.
Adjusted earnings before income tax, depreciation and amortization stood at $943 million, up 21 percent year-on-year but down 14 percent quarter-on-quarter.
Baker Hughes ended the quarter with $16.4 billion in current assets, or assets convertible to cash within a year. This included $2.7 billion in cash and cash equivalents. Meanwhile Baker Hughes’ current liabilities stood at $13.2 billion including $147 million in current portion of debt. It had $502 million in free cash flow.
Baker Hughes paid dividends of $210 million for the first quarter. “During the quarter, we increased our quarterly dividend by one penny to 21 cents, which represents an 11 percent increase year-over-year, repurchased $158 million of shares and remain firmly on-track to deliver 60 percent – 80 percent of free cash flow to shareholders”, Simonelli said.
To contact the author, email jov.onsat@rigzone.com
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Read More: Baker Hughes Posts $6.4B in Quarterly Revenue
Baker Hughes Posts $6.4B in Quarterly Revenue
Baker Hughes Co. has reported $6.4 billion in revenue for the first three months of 2024, down six percent from the prior quarter but up 12 percent against the same period a year ago driven by the Middle East and Asia.
The Middle East and Asia accounted for $1.4 billion of the energy solutions company’s revenue for the January–March 2024 quarter, while North America followed as the second biggest contributor at $990 million. Notably, Baker Hughes’ revenue from Europe surged 29 percent year-on-year. The year-over-over year increase in overall revenue was helped by a decline in impairments and other costs, according to Baker Hughes’ quarterly press release.
“We have started the year positively on the orders front”, chair and chief executive Lorenzo Simonelli said in a statement. “This is particularly evident in the IET [industrial and energy technology] segment, where we booked $2.9 billion of orders during the quarter, including large awards from Aramco [Saudi Arabian Oil Co.] for the Master Gas System 3 and Black & Veatch for Cedar LNG”.
Baker Hughes has been tapped as a supplier for a 4,000-kilometer (2,485.5 miles) pipeline under the gas infrastructure expansion project in Saudi Arabia, the Houston, Texas-based company said in a separate news release, not disclosing the value of the contract.
Net profit totaled $455 million, or $0.45 per diluted share, down 21 percent year-on-year but up four percent quarter-on-quarter. Adjusted for non-recurring or extraordinary items, net income for the first quarter stood at $429 million, up 48 percent by prior-year comparison but down 16 percent sequentially.
Baker Hughes recorded an operating profit of $653 million, up 49 percent year-on-year but flat relative to the prior quarter. Operating activities generated $784 million in cash flow, up 70 percent year-on-year but down 16 percent quarter-on-quarter.
Adjusted earnings before income tax, depreciation and amortization stood at $943 million, up 21 percent year-on-year but down 14 percent quarter-on-quarter.
Baker Hughes ended the quarter with $16.4 billion in current assets, or assets convertible to cash within a year. This included $2.7 billion in cash and cash equivalents. Meanwhile Baker Hughes’ current liabilities stood at $13.2 billion including $147 million in current portion of debt. It had $502 million in free cash flow.
Baker Hughes paid dividends of $210 million for the first quarter. “During the quarter, we increased our quarterly dividend by one penny to 21 cents, which represents an 11 percent increase year-over-year, repurchased $158 million of shares and remain firmly on-track to deliver 60 percent – 80 percent of free cash flow to shareholders”, Simonelli said.
To contact the author, email jov.onsat@rigzone.com
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Read More: Baker Hughes Posts $6.4B in Quarterly Revenue