BAKU, Azerbaijan, February 3. Baker Hughes' consolidated revenue for Q4 2024 stood at $7.364 billion, a 7% sequential increase and an 8% year-over-year improvement, Trend reports.
According to the company's latest financial report, the Industrial & Energy Technology (IET) segment led the growth, with revenues reaching $3.492 billion in Q4 2024, representing a significant 19% sequential increase and an impressive 21% year-over-year rise.
In contrast, the Oilfield Services & Equipment (OFSE) segment reported revenues of $3.871 billion, reflecting a 2% sequential decline and a 2% year-over-year drop. Despite these slight declines, the segment remained a strong contributor to overall revenue.
Meanwhile, Baker Hughes’ operating income declined to $665 million in Q4 2024, a 29% sequential drop, although it marked a 2% improvement compared to the same quarter last year. The decline is attributed to one-time restructuring and impairment charges amounting to $281 million and inventory impairments of $73 million.
However, adjusted operating income, which excludes these non-recurring charges, surged to $1.019 billion—a 10% sequential increase and a remarkable 25% year-over-year rise—highlighting strong underlying profitability.
Adjusted EBITDA for the quarter came in at $1.310 billion, an 8% sequential increase and a robust 20% year-over-year growth. This reflects Baker Hughes’ operational efficiency and success in driving profitability amidst ongoing market challenges.
The IET segment recorded a sharp 23% sequential growth in operating income, reaching $584 million, driven by strong demand for its innovative energy solutions. Year-over-year, the segment posted an impressive 42% growth in operating income.
The OFSE segment saw a 4% sequential decline in operating income but managed a 7% year-over-year improvement, showcasing resilience amid challenging market conditions.
