Press release
Baker Hughes Announces Fourth-Quarter and Full-Year 2023 Results
Fourth-quarter highlights IET orders of $3,030 million, the fifth consecutive quarter above $3 billion.Net income attributable to the Company of $439 million,
About this update from Baker Hughes Company
[{"type":"text","content":"Fourth-quarter highlights IET orders of $3,030 million, the fifth consecutive quarter above $3 billion.Net income attributable to the Company of $439 million, up $257 million year-over-year.GAAP diluted EPS of $0.43 and adjusted diluted EPS* of $0.51.Adjusted EBITDA* of $1,091 million, above $1 billion for the first time in company history.Cash flows from operating activities were $932 million and free cash flow* was $633 million.Shareholder distributions of $521 million, including $320 million of share repurchases. Full-year highlights IET orders of $14.18 billion, 12% higher than last year's prior record level.Net income attributable to the Company of $1,943 million, up $2,544 million year-over-year.Adjusted EBITDA* of $3.76 billion, increasing 26% year-over-year.GAAP diluted EPS of $1.91 and adjusted diluted EPS* of $1.60, a 76% increase over 2022.Cash flows from operating activities were $3.06 billion and free cash flow* of $2.05 billion, a 54% conversion rate from adjusted EBITDA*.Shareholder distributions of $1.32 billion, including $538 million of share repurchases. HOUSTON and LONDON, Jan. 23, 2024 (GLOBE NEWSWIRE) -- Baker Hughes Company (Nasdaq: BKR) (Baker Hughes or the Company) announced results today for the fourth-quarter and full-year 2023. \"As we continue our journey, 2023 proved to be a pivotal year for Baker Hughes. We successfully removed $150 million of costs, realigned our Industrial & Energy Technology (IET) segment, and recently launched actions to further streamline our Oilfield Services & Equipment segment (OFSE). Our strategy to transform the way we operate is working. In 2023, our adjusted EBITDA* was up double digits for the third consecutive year and exceeded prior cycle's peak levels by 25%. I would like to thank our employees for their hard work and commitment to achieve our goals, delivering for our customers, and pushing the Company forward,\" said Lorenzo Simonelli, Baker Hughes chairman and chief executive officer. \"During the fourth quarter, adjusted EBITDA* came in above the mid-point of our guidance range due to continued operational improvement and full realization of the $150 million of cost-out. IET orders remained strong, exceeding $3 billion for the fifth consecutive quarter. Additionally, we were awarded more than $1 billion of contractual service agreements (CSA), while we booked th...