Q2 2024 Baker Hughes Co Earnings Call Transcript
Key Points
- Baker Hughes Co (BKR) delivered outstanding second-quarter results with strong operational performance across the company.
- The company achieved a 46% year-over-year EPS growth and a 25% increase in EBITDA.
- Baker Hughes Co (BKR) secured significant contracts, including a $3.5 billion order in IET and major offshore topside contracts in Latin America.
- The company saw record new energy orders of $445 million during the quarter, trending towards the high end of the year's new energy guidance range.
- Baker Hughes Co (BKR) maintained a strong balance sheet with $2.3 billion in cash and a net debt to EBITDA ratio of 0.9 times.
- Global upstream spending outlook for the year was revised slightly lower due to North American softness.
- North American market expected to decline in the mid-single digits year-over-year due to lower-than-expected first-half rig activity.
- Economic uncertainty and volatility in oil prices could impact future performance.
- Free cash flow for the quarter was $106 million, indicating a need for stronger performance in the second half of the year.
- Challenges in Latin America, particularly rig reactivation delays in Mexico, affected performance.
Good day, ladies and gentlemen, and welcome to the Baker Hughes Company second quarter 2024 earnings call. (operator instructions) As a reminder, this conference is being recorded.
I would now like to introduce your host for today's conference, Mr. Chase Mulvehill, Vice President of Investor Relations. Please go ahead, sir.
Good morning everyone, and welcome to the Baker Hughes Second Quarter Earnings Conference Call. Here with me are our Chairman and CEO, Lorenzo Simonelli, and our CFO, Nancy Buese.
The earnings release we issued yesterday evening can be found on our website at bakerhughes.com. We will also be using a presentation with our prepared remarks during this webcast, which can be found on our investor website.
As a reminder, during the course of this conference call we will provide forward-lookingstatements. These statements are not guarantees of future performance and involve a number of risks and assumptions. Please review our SEC filings and website
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