Baker Hughes Reports Strong Q3 and Nine-Month Financial Results with Revenue and Profitability Growth

Baker Hughes Company reported strong financial performance for the third quarter and the first nine months of 2024, with significant increases in revenue and profitability compared to the same periods in 2023. For the three months ended September 30, 2024, total revenue reached $6,908 million, a 4% increase from $6,641 million in Q3 2023. For the nine months, revenue rose to $20,465 million, up from $18,671 million in the prior year, marking a 10% increase.

Operating income for Q3 2024 was $930 million, reflecting a 30% increase from $714 million in Q3 2023. This growth was attributed to higher volumes in the Industrial & Energy Technology (IET) segment, positive pricing across both segments, and cost-reduction initiatives, despite facing cost inflation in IET. Net income for the third quarter was $774 million, compared to $524 million in the same quarter of 2023, while net income attributable to Baker Hughes was $766 million, up from $518 million.

The company’s comprehensive income for Q3 2024 was $919 million, significantly higher than $412 million in Q3 2023. For the nine-month period, net income totaled $1,817 million, compared to $1,519 million in 2023, with net income attributable to Baker Hughes at $1,800 million, up from $1,503 million.

Baker Hughes' balance sheet showed total assets of $37,530 million as of September 30, 2024, an increase from $36,945 million at the end of 2023. Total equity rose to $16,343 million, up from $15,519 million. The company reported a retained loss improvement to $(7,019) million from $(8,819) million at the end of 2023.

In terms of strategic developments, Baker Hughes did not engage in any acquisitions or dispositions during the nine months ended September 30, 2024. However, it had previously acquired Altus Intervention in 2023 for $301 million and sold its Nexus Controls business for $293 million. The company also repurchased 15 million shares of Class A common stock for $476 million during the nine months, compared to 7 million shares for $219 million in the same period of 2023.

Market conditions have been challenging, with a 3% decrease in the worldwide rig count year-over-year as of September 30, 2024. North America revenue for Q3 2024 was $971 million, down from $1,064 million in Q3 2023, while international revenue for Oilfield Services & Equipment increased to $2,992 million, up from $2,886 million.

Baker Hughes remains committed to reducing its carbon emissions and has reported a 28.3% reduction in Scope 1 and 2 emissions compared to the 2019 base year. The company continues to focus on operational efficiencies and cost management to navigate the current market landscape.