Baker Hughes Company Announces Third Quarter 2021 Results

Baker Hughes Company Announces Third Quarter 2021 Results

On a GAAP basis, operating income for the third quarter of 2021 was $378 million. Operating income increased $185 million sequentially and increased $427 million year-over-year. Total segment operating income was $508 million for the third quarter of 2021, up 14% sequentially and up 46% year-over-year. Adjusted operating income (a non-GAAP measure) for the third quarter of 2021 was $402 million, which excludes adjustments totaling $24 million before tax, mainly related to restructuring and separation related charges.


Adjusted operating income for the third quarter of 2021 was up 21% sequentially, driven by volume in Oilfield Services, and margin expansion in Turbomachinery & Process Solutions, partially offset by margin contraction in Oilfield Equipment. Adjusted operating income was up 72% year-over-year driven by volume and margin expansion in the Turbomachinery & Process Solutions and Oilfield Services segments, partially offset by lower volume in Oilfield Equipment and margin contraction in the Digital Solutions segment.


Depreciation and amortization for the third quarter of 2021 was $262 million.


Adjusted EBITDA (a non-GAAP measure) for the third quarter of 2021 was $664 million, which excludes adjustments totaling $24 million before tax, mainly related to restructuring and separation related charges. Adjusted EBITDA for the third quarter was up 9% sequentially and up 21% year-over-year.


Highlights

Orders of $5.4 billion for the quarter, up 6% sequentially and up 5% year-over-year.
Revenue of $5.1 billion for the quarter, down 1% sequentially and up 1% year-over-year.
GAAP operating income of $378 million for the quarter, up 95% sequentially and favorable year-over-year.
Adjusted operating income (a non-GAAP measure) of $402 million for the quarter was up 21% sequentially and up 72% year-over-year.
Adjusted EBITDA* (a non-GAAP measure) of $664 million for the quarter was up 9% sequentially and up 21% year-over-year.
GAAP earnings per share of $0.01 for the quarter which included $0.15 per share of adjusting items. Adjusted earnings per share (a non-GAAP measure) was $0.16.

Cash flows generated from operating activities were $416 million for the quarter. Free cash flow (a non-GAAP measure) for the quarter was $305 million.


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