Baker Hughes CEO Says Energy Security, AI Demand Are Fueling Growth
Baker Hughes Company (NASDAQ: BKR ) stock rose in premarket trading Monday after the oilfield services company reported second-quarter results that topped Wall Street expectations. The company reported adjusted earnings of 64 cents per share, beating the consensus estimate of 50 cents. Revenue came in at $6.74 billion, above analysts’ expectations of $6.52 billion. CEO Lorenzo Simonelli said demand remains strong across data centers, gas infrastructure and upstream markets, while noting that energy security and increasing power needs are driving investment across both energy and industrial value chains. The company also highlighted record Industrial & Energy Technology orders, driven by power generation and LNG demand, and raised its long-term order outlook, reinforcing management’s confidence that AI-related power demand and global energy infrastructure spending will cont...
Baker Hughes Company (NASDAQ: BKR ) stock rose in premarket trading Monday after the oilfield services company reported second-quarter results that topped Wall Street expectations. The company reported adjusted earnings of 64 cents per share, beating the consensus estimate of 50 cents. 52 billion. CEO Lorenzo Simonelli said demand remains strong across data centers, gas infrastructure and upstream markets, while noting that energy security and increasing power needs are driving investment across both energy and industrial value chains.
The company also highlighted record Industrial & Energy Technology orders, driven by power generation and LNG demand, and raised its long-term order outlook, reinforcing management’s confidence that AI-related power demand and global energy infrastructure spending will continue to fuel growth. Orders Surge Despite Revenue Decline Revenue declined 2% year over year, primarily due to the divestitures of the Precision Sensors & Instrumentation and Surface Pressure Control businesses. 6x for the quarter. 1 billion.
21 billion a year earlier. 35 billion during the quarter. The board declared a quarterly cash dividend of 23 cents per share, payable Aug. 17 to shareholders of record as of Aug.
7. 29 billion, unchanged from a year earlier. 09 billion, driven by strong demand for Gas Technology Equipment and Gas Technology Services. Backlog reached a record level, increasing 19% year over year.
45 billion, down 5% from a year earlier. The decline reflected the Surface Pressure Control divestiture and disruptions in the Middle East. 41 billion due to lower demand for Subsea and Surface Pressure Systems. OFSE remaining performance obligations were flat sequentially at $3 billion.
7 billion in Gas Technology Services. 295 billion. 10 billion. The company also raised its full-year Industrial & Energy Technology orders guidance and increased its Horizon 2 IET orders target to more than $45 billion, citing strong demand across Power Systems and liquefied natural gas projects, particularly in power generation.
60 during premarket trading on Monday, according to Pro data. Photo via Shutterstock