Baker Hughes Co Stock Price, News & Analysis

Baker Hughes Company (BKR) reported Q3 2022 results with orders reaching $6.1 billion, a 3% sequential and 13% year-over-year increase. Revenue stood at $5.4 billion, up 6% sequentially and 5% year-over-year. The company recorded a GAAP operating income of $269 million, up $294 million sequentially but down $110 million YoY. Adjusted operating income rose 34% sequentially to $503 million. Free cash flow was $417 million. Baker Hughes aims to enhance operational efficiency through restructuring, targeting at least $150 million in cost savings.

One Equity Partners has successfully sold BRUSH Group's Power Generation business to Baker Hughes (NASDAQ: BKR). This strategic move aims to maximize investor returns and allow BRUSH to concentrate on its remaining Power Distribution & Networks segment. Since the sale agreement in August, BRUSH has acquired Eta Projects Ltd and KUS Power Engineering, enhancing its engineering capabilities for sustainable infrastructure. OEP focuses on transformative business combinations in industrial, healthcare, and technology sectors, having completed over 300 transactions since its establishment.

Baker Hughes (NASDAQ: BKR) is set to hold a webcast on October 19, 2022, at 8:30 a.m. Eastern Time to discuss its third-quarter results for the period ending September 30, 2022. A press release detailing the financial results will be issued earlier at 7 a.m. Eastern Time. Investors can access the webcast via the Baker Hughes website, with an archived version available post-broadcast. Baker Hughes specializes in energy technology solutions, leveraging over a century of experience and serving customers in more than 120 countries.

Baker Hughes Company (NASDAQ: BKR) is implementing a strategic transformation by establishing two reporting business segments: Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET). This restructuring aims to simplify operations, enhance profitability, and generate at least $150 million in cost savings, thereby maximizing shareholder value. The changes will take effect on October 1. Baker Hughes continues to focus on improving returns and generating strong free cash flow to deliver value to its shareholders amidst a dynamic energy landscape.

HMH Holdings B.V. announced the completion of its acquisition of Electrical Subsea & Drilling AS (ESD) on August 24, 2022. Based in Bergen, Norway, ESD possesses innovative technologies, including electronic blowout preventers and rotating control devices for drilling operations. CEO Merrill A. ‘Pete’ Miller Jr. emphasized that ESD enhances HMH's technological capabilities and aligns with environmental goals by reducing drilling's ecological footprint. This acquisition marks HMH's first move toward expanding its portfolio, supporting energy-efficient solutions in offshore drilling.

Baker Hughes (NASDAQ: BKR) has opened a new manufacturing facility for oilfield services chemicals in Singapore as of August 16, 2022. Spanning 40,000 square meters, the facility aims to enhance local manufacturing capabilities and supply chain efficiencies while supporting Singapore’s Green Plan 2030 for sustainability. The site will provide chemical solutions for various sectors and is part of Baker Hughes’ strategy to localize production near key demand hubs. This facility represents Baker Hughes' first chemicals manufacturing site in the region, contributing to job creation and operational optimization.

One Equity Partners has announced a definitive agreement to sell BRUSH Group's Power Generation business to Baker Hughes (NASDAQ: BKR). This strategic move is aimed at enhancing Baker Hughes’ turbomachinery portfolio and supporting decarbonization solutions. The sale marks a significant exit event for One Equity after one year of investment in BRUSH, which has established itself as a strong standalone company. The deal is expected to close by the end of the year, subject to customary closing conditions.

Baker Hughes (NASDAQ: BKR) has agreed to sell its Oilfield Services business in Russia to the local management team, following its suspension of new investments in the region. The new entity will operate independently, assuming all assets, liabilities, and obligations of OFS Russia. The transaction is expected to close in the second half of 2022, pending local authority approval. Baker Hughes assures support for its employees and customers during the transition, continuing its commitment to operational integrity and compliance with applicable laws and sanctions.

Baker Hughes (NASDAQ: BKR) announced a cash dividend of $.18 per share on its Class A common stock. This dividend will be payable on August 19, 2022, to shareholders on record as of August 9, 2022. The company aims to provide innovative energy solutions globally, reinforcing its commitment to making energy safer and cleaner.

For further details, investors can contact the Investor Relations team at Baker Hughes.