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Mar 31, 2024
Baker Hughes Q1 2024 Earnings Report
Baker Hughes' Q1 2024 results showcased strong revenue growth and solid profitability.
Key Takeaways
Baker Hughes reported a positive start to 2024, achieving solid first-quarter results that align with their full-year guidance. The company saw a 12% year-over-year increase in revenue, driven by higher volume in both IET and OFSE. Adjusted EPS grew by 50% year-over-year, and free cash flow exceeded $500 million. The company also increased its quarterly dividend by one penny to 21 cents, representing an 11% increase year-over-year.
Orders totaled $6.5 billion, including $2.9 billion from IET.
Revenue reached $6.4 billion, a 12% increase year-over-year.
Net income attributable to the company was $455 million.
Free cash flow was $502 million and returns to shareholders totaled $368 million, including $158 million in share repurchases.
Baker Hughes
Baker Hughes
Baker Hughes Revenue by Segment
Baker Hughes Revenue by Geographic Location
Revenue by Segment
Oilfield Services Revenue
CapyFin.comIndustrial & Energy Tech Revenue
CapyFin.comRevenue by Geographic Location
North America Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
Baker Hughes anticipates achieving its full-year guidance, building on momentum from the previous year, underpinned by strong orders and operational performance.
Positive Outlook
- Strong first quarter operating results, highlighted by 50% year-over-year Adjusted EPS growth.
- Exceeded the midpoint of EBITDA margin guidance, driven by outstanding operational performance in the IET segment.
- Booked $239 million of new energy orders.
- Generated more than $500 million of free cash flow.
- Increased quarterly dividend by one penny to 21 cents, representing an 11% increase year-over-year.
Challenges Ahead
- Impact of worldwide economic conditions and rising inflation
- Declines in credit availability may have on worldwide economic growth and demand for hydrocarbons
- Foreign currency exchange fluctuations and changes in the capital markets in locations where we operate
- Impact of government disruptions and sanctions
- Our ability to execute on orders and RPO in accordance with agreed specifications, terms and conditions and convert those orders and RPO to revenue and cash.
Revenue & Expenses
Visualization of income flow from segment revenue to net income