Baker Hughes beats Q2 results forecasts, shares climb

Investing.com -- Shares in Baker Hughes rose around 2% in premarket trading Monday after the oilfield services company reported second-quarter earnings that topped Wall Street expectations.

Baker Hughes posted second-quarter earnings per share of $0.64, beating the analyst estimate of $0.49. Revenue came in at $6.74 billion, down 2% year-over-year, and above the $6.52 billion consensus.

Orders totaled $10.5 billion, including $7.1 billion from its Industrial & Energy Technology (IET) segment, while remaining performance obligations (RPO) stood at $40.1 billion, including a record $37.1 billion in IET RPO.

"Baker Hughes delivered another strong quarter, reflecting the breadth of our portfolio and continued momentum across data center, gas infrastructure, and upstream markets. Disciplined execution and our ability to effectively navigate ongoing Middle East challenges contributed to Adjusted EBITDA exceeding the high end of our guidance range," said CEO Lorenzo Simonelli.

"Looking ahead, favorable underlying fundamentals support our confidence in achieving the midpoint of our full-year guidance as we continue to manage through the Middle East uncertainty," he added.

Adjusted EBITDA for the quarter came in at $1.23 billion. Cash flow from operating activities was $1.34 billion, with free cash flow of $1.11 billion.

You May Also Be Interested In

• Is the global equity rally broadening? UBS weighs in
• Barclays upgrades American Tower and Crown Castle on valuation, growth catalysts
• DA Davidson Reiterates Buy Rating on Box, Inc. (BOX) on Secular Tailwinds for Demand