Baker Hughes Co. Q2 FY2024 results: revenue $7.1 billion, up 13.0% on the year

Baker Hughes Co. (BKR) reported revenue of $7.1 billion for Q2 FY2024, the quarter ended 30 June 2024, up 13.0% on the same quarter a year earlier. Net income was $579 million, up 41.2% on the year. The figures are the company's own, from the 10-Q it filed with the SEC on 26 July 2024.

Revenue$7.1 billionup 13.0%

Net income$579 millionup 41.2%

Diluted EPSn/a

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	7,139	6,418	n/a	n/a
Research and development	158	164	n/a	n/a
Selling, general and administrative	643	618	n/a	n/a
Operating income	833	653	n/a	n/a
Operating margin	11.7%	10.2%	n/a
Pre-tax income	824	641	n/a	n/a
Income tax	243	178	n/a	n/a
Effective tax rate	29.5%	27.8%	n/a
Net income	579	455	n/a	n/a
Net margin	8.1%	7.1%	n/a

$ million except per share. 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

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	348	784	n/a	n/a
Capital expenditure	292	333	n/a	n/a
Free cash flow	56.0	451	n/a	n/a
Free cash flow margin	0.8%	7.0%	n/a
Depreciation and amortisation	283	283	n/a	n/a
Share-based compensation	50.0	51.0	n/a	n/a
Buybacks	166	158	n/a	n/a
Dividends paid	209	210	n/a	n/a
Shares outstanding at period end	993m	998m	n/a	n/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

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Total assets	36,656	37,141	n/a	n/a
Cash and equivalents	2,284	2,717	n/a	n/a
Receivables	7,051	6,873	n/a	n/a
Inventory	5,126	5,339	n/a	n/a
Goodwill	6,105	6,114	n/a	n/a
Total debt, as filed	5,895	6,006	n/a	n/a
Long-term debt including finance leases	5,861	5,859	n/a	n/a
Shareholders' equity	15,574	15,391	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	6,641	6,834	6,418	7,139	6,908	7,364	6,427	6,910	7,010	7,386	6,587	6,742
R&D	n/a	n/a	164	158	158	163	146	161	146	147	133	143
SG&A	627	634	618	643	612	585	577	567	607	636	562	569
Operating income	714	651	653	833	930	665	n/a	n/a	n/a	n/a	n/a	n/a
Operating margin	11%	10%	10%	12%	13%	9%	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	759	522	641	824	1,009	791	561	967	821	528	1,274	892
Tax rate	31%	14%	28%	29%	23%	-50%	27%	26%	25%	-68%	26%	24%
Net income	518	439	455	579	766	1,179	402	701	609	876	930	681
Net margin	8%	6%	7%	8%	11%	16%	6%	10%	9%	12%	14%	10%
Operating cash flow	810	932	784	348	1,010	1,190	709	510	929	1,662	500	1,345
Capital expenditure	281	356	333	292	300	353	300	301	295	377	336	300
Free cash flow	529	576	451	56.0	710	837	409	209	634	1,285	164	1,045
Buybacks	120	319	158	166	152	8.0	188	196	0.0	0.0	0.0	0.0
Dividends paid	202	200	210	209	209	208	229	227	227	227	228	228
Shares outstanding	1,006m	1,001m	998m	993m	990m	990m	991m	986m	987m	988m	992m	993m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-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-Q for the period ended 30 June 2024, filed 26 July 2024, accession 0001701605-24-000111: the filing on EDGAR. All of Baker Hughes Co.'s filings: EDGAR company page.

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