Baker Hughes reports Q3 adjusted EPS 68c, consensus 62c

Reports Q3 revenue $7B, consensus $6.83B. “Our strong third quarter performance represents clear evidence of the consistent execution and operational discipline embedded across the organization. This performance reflects continued momentum from our Business System deployment, positive trends in Gas Technology, and strong outperformance in U.S. land, where our leverage to production-related activity gives us a clear advantage,” said Lorenzo Simonelli, Baker Hughes (BKR) Chairman and Chief Executive Officer. “While OFSE margins softened, reflecting the broader macro backdrop, IET delivered another quarter of strong performance, driving consolidated Adjusted EBITDA margins higher year-over-year. This positive margin progression highlights the resilience of our portfolio and the foundation we’ve built through disciplined execution. We also continue to benefit from strong market tailwinds in LNG, power generation, and offshore, securing over $4 billion of IET orders for only the third time in our history, along with record SSPS orders in the quarter. IET backlog grew 3% sequentially, reaching a new record of $32.1 billion – further reinforcing the durability and visibility of our growth outlook in IET. After securing almost $11 billion in orders during the first three quarters, and with strong visibility on expected awards in the fourth quarter, we now expect full-year orders to exceed our prior midpoint. As we close Horizon One and turn to our new Horizon Two targets, we have fundamentally changed the way we operate, and today Baker Hughes is in the strongest position since the merger nearly a decade ago,” concluded Simonelli.