Press release
Baker Hughes Company Announces Second Quarter 2023 Results
Orders of $7.5 billion for the quarter, up 28% year-over-year.Revenue of $6.3 billion for the quarter, up 25% year-over-year.Net income attributable to Baker
About this update from Baker Hughes Company
[{"type":"text","content":"Orders of $7.5 billion for the quarter, up 28% year-over-year.Revenue of $6.3 billion for the quarter, up 25% year-over-year.Net income attributable to Baker Hughes Company of $410 million for the quarter, up $1,248 million year-over-year. Adjusted net income (a non-GAAP measure) attributable to Baker Hughes of $395 million for the quarter, up $281 million year-over-year.GAAP diluted earnings per share of $0.40 for the quarter. Adjusted diluted earnings per share (a non-GAAP measure) was $0.39 for the quarter.Adjusted EBITDA (a non-GAAP measure) of $907 million for the quarter, up 39% year-over-year.Cash flows generated from operating activities were $858 million for the quarter. Free cash flow (a non-GAAP measure) for the quarter was $623 million. HOUSTON and LONDON, July 19, 2023 (GLOBE NEWSWIRE) -- Baker Hughes Company (Nasdaq: BKR) (Baker Hughes or the Company) announced results today for the second quarter of 2023. \"We were pleased with our second quarter results and remain optimistic on the outlook for 2023. We maintained our strong order momentum in Industrial & Energy Technology (IET) and Oilfield Services & Equipment (OFSE), specifically within Subsea & Surface Pressure Systems (SSPS). We also delivered solid operating results at the higher end of our guidance in both business segments, booked almost $150 million of New Energy orders and generated approximately $620 million of free cash flow,\" said Lorenzo Simonelli, Baker Hughes chairman and chief executive officer. \"Growing economic uncertainty continues to drive commodity price volatility globally. However, despite lower oil prices over the first half of the year, we maintain a constructive outlook for global upstream spending in 2023. Market softness in North America is expected to be more than offset by strength in international and offshore markets.\" \"Outside of the upstream markets, we remain confident on the LNG outlook, with solid demand growth this year led by Europe and Asia. Based on the continued development of the LNG project pipeline, we still expect the market to exceed 65 million tons per annum (MTPA) of FIDs this year and should see a similar level of activity in 2024. We continue to see the potential for this LNG cycle to extend for several years with a pipeline of new international opportunities expanding project visibility out to 2026 and beyon...