Baker Hughes Company announced strong fourth-quarter and full-year 2024 results on January 30, 2025, exceeding Wall Street estimates for quarterly profit. The company reported record quarterly and annual revenue, adjusted EPS, EBITDA, and EBITDA margins, driven by significant margin expansion and strategic execution.
For Q4 2024, revenue reached $7,364 million, with adjusted EBITDA of $1,310 million and adjusted diluted EPS of $0.70. Full-year 2024 saw revenue of $27,829 million, adjusted EBITDA of $4,591 million, and adjusted diluted EPS of $2.35, representing a 47% year-over-year growth. The company also achieved record annual free cash flow of $2,257 million, with a 49% conversion rate.
Key awards included rotating equipment for the Woodside LNG project, modularized LNG systems for Venture Global, and compression solutions for Saudi Arabia's Jafurah field. The company's board announced a 10% increase in its quarterly dividend to $0.23 per share, reflecting confidence in its financial strength and commitment to shareholder returns. No M&A activity was reported for 2024.
Looking to 2025, Baker Hughes is targeting $1.4 billion to $1.6 billion in new energy orders and expects global upstream spending to be similar to 2024 levels. The company's Gas Technology Services (GTS) revenue growth is projected to outpace installed unit growth by 2030, driven by pricing, installed base upgrades, and digital integration.
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