Baker Hughes said revenue for Q2 2024 rose to $7,139 million, up $6,315 million from Q2 2023, or $825 million (13%). The company cited higher volume in IET from execution of the GTE project backlog and, to a lesser degree, improved activity in OFSE as the drivers of the increase.

10-QQuarterly reportFiled Jul 26, 2024Period of report Jun 30, 2024Summary published (UTC) Oct 23, 2026

Key points

AI summary

Baker Hughes said revenue for Q2 2024 rose to $7,139 million, up $6,315 million from Q2 2023, or $825 million (13%). The company cited higher volume in IET from execution of the GTE project backlog and, to a lesser degree, improved activity in OFSE as the drivers of the increase.
The company said income before tax for Q2 2024 was $824 million, compared with $614 million a year earlier, an increase of $210 million. For Q2, it reported segment operating income of $493 million for OFSE and $442 million for IET.
Baker Hughes said it generated $1,132 million in cash from operating activities in the 6 months ended June 30, 2024. It paid dividends of $419 million and repurchased and retired 10.5 million shares of Class A common stock for a total of $324 million.
Baker Hughes said remaining performance obligations (RPO) as of June 30, 2024 were $33.5 billion, with $3.3 billion in OFSE and $30.2 billion in IET. It also said orders for Q2 2024 were $7.5 billion, the same as in Q2 2023.

Key figures

Quarter ended June 30, 2024

Revenue: $7.1B
Operating income: $833M
Net income: $579M

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Q2 Revenue Rises $7,139 million

Baker Hughes said revenue for Q2 2024 rose to $7,139 million, up $6,315 million from Q2 2023, or $825 million (13%). The company cited higher volume in IET from execution of the GTE project backlog and, to a lesser degree, improved activity in OFSE as the drivers of the increase.

Source · Based on the MD&A text of the filing

Q2 Pre-Tax Income and Segment Operating Income

The company said income before tax for Q2 2024 was $824 million, compared with $614 million a year earlier, an increase of $210 million. For Q2, it reported segment operating income of $493 million for OFSE and $442 million for IET.

Source · Based on the MD&A text of the filing

6-Month Operating Cash Flow and Shareholder Returns

Baker Hughes said it generated $1,132 million in cash from operating activities in the 6 months ended June 30, 2024. It paid dividends of $419 million and repurchased and retired 10.5 million shares of Class A common stock for a total of $324 million.

Source · Based on the MD&A text of the filing

RPO at Q2 End and Q2 Orders

Baker Hughes said remaining performance obligations (RPO) as of June 30, 2024 were $33.5 billion, with $3.3 billion in OFSE and $30.2 billion in IET. It also said orders for Q2 2024 were $7.5 billion, the same as in Q2 2023.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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