Baker Hughes Q3 net income down by a third on Chart deal costs despite revenue, adjusted EPS beat
BKR•Baker Hughes reported Q3 revenue of $8.03 billion and adjusted EPS of $0.70, both above analyst estimates, while net income attributable fell by a third to $411 million. The company raised its full-year Industrial & Energy Technology orders outlook to more than $50 billion.
1. Quarterly results
Baker Hughes said Q3 revenue rose 14% year over year to $8.03 billion, compared with analyst expectations of $7.70 billion. Adjusted EPS was $0.70, up 2% year over year excluding $143 million of Chart intangible amortization and above the $0.61 consensus estimate. Net income attributable was $411 million, while free cash flow was $769 million and orders were $10.76 billion.
2. Chart acquisition and outlook
The company completed its acquisition of Chart Industries, which it said helped drive higher revenue and adjusted earnings. Baker Hughes raised its full-year Industrial & Energy Technology orders outlook to more than $50 billion and cited continued strong demand in data centers, LNG and gas infrastructure.
