Big second quarter for Baker Hughes Co.


Baker Hughes Co. had a big second quarter, seeing a 25% increase in revenue which totaled $6.3 billion and having a 28% jump in orders totaling $7.5 billion.

The company reported it resulted in $410 million in net income, a gain of $1.248 millon from the previous year. Adjusted net income came to $395 million for the quarter, up $281 million year-over-year. Diluted earnings per share were 40 cents for the quarter while the adjusted diluted earnings per share was 39 cents.

“We were pleased with our second quarter results and remain optimistic on the outlook for 2023. We maintained our strong order momentum in Industrial & Energy Technology (IET) and Oilfield Services & Equipment (OFSE), specifically within Subsea & Surface Pressure Systems (SSPS),” said Lorenzo Simonelli, Baker Hughes chairman and chief executive officer.

He said the company booked nearly $150 milloin in new energy orders and generated about $620 million of free cash flow.

“Growing economic uncertainty continues to drive commodity price volatility globally. However, despite lower oil prices over the first half of the year, we maintain a constructive outlook for global upstream spending in 2023. Market softness in North America is expected to be more than offset by strength in international and offshore markets.”