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Baker Hughes Announces Fourth-Quarter and Full-Year 2024 Results

London, January 30, 2025, (Oilandgaspress) –––Baker Hughes Company (Nasdaq: BKR) (“Baker Hughes” or the “Company”) announced results today for the fourth-quarter and full-year 2024.

“2024 proved to be a momentous year for Baker Hughes. We closed out the year with exceptional fourth-quarter results, setting new quarterly and annual records for revenue, free cash flow and our adjusted measures of EPS, EBITDA, and EBITDA margin. Our strategy to drive profitable growth and continuous margin improvement is working. Looking forward, we will continue our journey to transform the Company, and we expect 2025 to demonstrate another strong year of EBITDA growth, led by our IET segment,” said Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer.

“IET booked $3.8 billion of orders in the fourth quarter, supported by strong LNG orders and another gas infrastructure award. Including this strong end to the year, 2024 orders totaled $13 billion, the second highest order year ever. This order performance highlights the end-market diversity and versatility of our portfolio.”

“Overall, our margin increase across both segments continues to demonstrate strong progress on the journey toward 20% segment EBITDA margins. Transformation actions will continue to be a major driver of our margin improvements as we progress through 2025 and beyond. We remain confident in achieving our 20% EBITDA margin targets for OFSE this year and IET in 2026.”

“As reflected in our strong 2024 results and our exceptional margin improvement, Baker Hughes has evolved into a more profitable energy and industrial technology company. Company results are benefiting from strong execution, sharpened commercial focus and improved productivity gains. Our confidence in the durability and growth of our earnings and free cash flow positions us to continue growing our dividend, highlighted by the announcement to increase our quarterly dividend by 10% to $0.23.”

“I would like to thank the Baker Hughes team for yet again delivering outstanding results. As we continue our journey to move Baker Hughes forward, we remain committed to our customers, shareholders, and employees,” concluded Simonelli.

Fourth-quarter highlights

Orders of $7.5 billion, including $3.8 billion of IET orders.
RPO of $33.1 billion, including IET RPO of $30.1 billion.
Revenue of $7.4 billion, up 8% year-over-year.
GAAP diluted EPS of $1.18 and adjusted diluted EPS* of $0.70.
Adjusted EBITDA* of $1,310 million, up 20% year-over-year.
Cash flows from operating activities of $1,189 million and free cash flow* of $894 million.
Full-year highlights

Orders of $28.2 billion, including $13.0 billion of IET orders.
Revenue of $27.8 billion, up 9% year-over-year.
Attributable net income of $2,979 million.
GAAP diluted EPS of $2.98 and adjusted diluted EPS* of $2.35.
Adjusted EBITDA* of $4,591 million, up 22% year-over-year.
Cash flows from operating activities of $3,332 million and free cash flow* of $2,257 million.
Returns to shareholders of $1,320 million, including $484 million of share repurchases.


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