Baker Hughes Company announced strong third-quarter 2024 results on October 22, 2024, reporting a record quarterly EBITDA of $1,208 million, marking a 23% increase year-over-year. The company achieved its highest EBITDA margin since 2017, reaching 17.5%, driven by significant margin expansion across both its Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET) segments.
Total revenue for the quarter was $6,908 million, a 4% increase year-over-year, with IET orders remaining solid at $2.9 billion for the eighth consecutive quarter. Net income attributable to Baker Hughes increased by 48% year-over-year to $766 million, while adjusted diluted earnings per share rose 59% to $0.67. The company also generated robust free cash flow of $754 million.
Key operational highlights included the largest-ever ICL compressor award from Dubai Petroleum Establishment and two FPSO awards for IET. In OFSE, the company secured multiple contracts with Petrobras for flexible pipe systems in Brazil's Santos Basin and expanded the use of its Leucipa™ digital solution. Baker Hughes also launched CarbonEdge™, a new digital solution for CCUS infrastructure monitoring.
The company's board declared a quarterly cash dividend of $0.21 per share, representing a 5% increase compared to the prior year. Looking ahead, Baker Hughes expressed confidence in achieving its full-year EBITDA guidance midpoint and anticipates global upstream spending in 2025 to be similar to 2024 levels, with a focus on mature fields and gas-led products.
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