Baker Hughes Increases Net Profit by 41% in Q2
American oilfield services company Baker Hughes Co. increased its net profit by 41% in the second quarter, with adjusted figures and revenue exceeding market expectations.
The company’s net profit in April-June 2024 amounted to $579 million versus $410 million a year earlier. Earnings per share increased to $0.58 from $0.4.
Earnings excluding one-time factors amounted to $0.57 per share, exceeding the consensus forecast of analysts surveyed by FactSet at $0.49 per share.
Baker Hughes’ quarterly revenue rose 13% to $7.14 billion from $6.32 billion a year earlier, compared to the average forecast of $6.81 billion.
Revenue in the oilfield services and equipment manufacturing segment increased 3% in the past quarter to $4.01 billion. Revenue in the industrial and energy technologies segment jumped 28% to $3.13 billion.
The company’s expenses increased to $6.31 billion from $5.8 billion a year earlier.
Baker Hughes’ total orders in the past quarter increased 1% compared to the second quarter of 2023, to $7.53 billion.
The company also narrowed its full-year revenue forecast to $27.6-$28.4 billion from $26.5-$28.5 billion.
