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Baker Hughes Co. Q4 FY2023 results: revenue $6.8 billion, up 15.7% on the year

Baker Hughes Co. (BKR) reported revenue of $6.8 billion for Q4 FY2023, the quarter ended 31 December 2023, up 15.7% on the same quarter a year earlier. Net income was $439 million, up 139.9% on the year. The figures are the company's own, from the 10-K it filed with the SEC on 5 February 2024.

Revenue$6.8 billionup 15.7%
Net income$439 millionup 139.9%
Diluted EPSn/a
QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Revenue6,8346,641n/an/a
Selling, general and administrative634627n/an/a
Operating income651714n/an/a
Operating margin9.5%10.8%n/a
Pre-tax income522759n/an/a
Income tax71.0235n/an/a
Effective tax rate13.6%31.0%n/a
Net income439518n/an/a
Net margin6.4%7.8%n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Operating cash flow932810n/an/a
Capital expenditure356281n/an/a
Free cash flow576529n/an/a
Free cash flow margin8.4%8.0%n/a
Depreciation and amortisation275267n/an/a
Share-based compensation49.050.0n/an/a
Buybacks319120n/an/a
Dividends paid200202n/an/a
Shares outstanding at period end1,001m1,006mn/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Total assets36,94536,550n/an/a
Cash and equivalents2,6463,201n/an/a
Receivables7,0756,505n/an/a
Inventory5,0944,964n/an/a
Goodwill6,1376,048n/an/a
Total debt, as filed6,0206,659n/an/a
Long-term debt including finance leases5,8725,857n/an/a
Operating lease liabilities549n/an/an/a
Shareholders' equity15,36815,250n/an/a

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue6,6416,8346,4187,1396,9087,3646,4276,9107,0107,3866,5876,742
R&Dn/an/a164158158163146161146147133143
SG&A627634618643612585577567607636562569
Operating income714651653833930665n/an/an/an/an/an/a
Operating margin11%10%10%12%13%9%n/an/an/an/an/an/a
Pre-tax income7595226418241,0097915619678215281,274892
Tax rate31%14%28%29%23%-50%27%26%25%-68%26%24%
Net income5184394555797661,179402701609876930681
Net margin8%6%7%8%11%16%6%10%9%12%14%10%
Operating cash flow8109327843481,0101,1907095109291,6625001,345
Capital expenditure281356333292300353300301295377336300
Free cash flow52957645156.07108374092096341,2851641,045
Buybacks1203191581661528.01881960.00.00.00.0
Dividends paid202200210209209208229227227227228228
Shares outstanding1,006m1,001m998m993m990m990m991m986m987m988m992m993m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 5 February 2024, accession 0001701605-24-000033: the filing on EDGAR. All of Baker Hughes Co.'s filings: EDGAR company page.

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