BAKU, Azerbaijan, February 3. Baker Hughes closed Q4 2024 with impressive growth in its Industrial & Energy Technology (IET) segment, highlighting the company’s strong market position in technology-driven energy solutions, Trend reports.
According to the company, the segment achieved revenue of $3.492 billion, representing a 19% sequential increase and a 21% year-over-year rise.
Key metrics
- Orders: Total orders soared to $3.756 billion, marking a remarkable 31% sequential and 24% year-over-year growth, driven by strong demand for energy transition technologies.
- Operating Income: The segment delivered $584 million in operating income, reflecting a 23% sequential and 42% year-over-year increase.
- Margins: Operating margin improved to 16.7%, up from 16.1% in the previous quarter and 14.3% in Q4 2023. EBITDA margin also climbed to 18.3%, a 0.4-point sequential and 2.2-point year-over-year improvement.
Meanwhile, total orders in the Industrial & Energy Technology segment reached $3.756 billion, up 31% sequentially and 24% year-over-year.
- Gas Technology Equipment: Orders reached $1.865 billion, marking an impressive 71% sequential and 44% year-over-year growth, reflecting robust demand for advanced gas solutions.
- Gas Technology Services: Orders grew to $902 million, up 16% sequentially and 12% compared to Q4 2023.
- Industrial Technology: Orders for Industrial Products and Solutions combined totaled $835 million, with moderate sequential and year-over-year growth of 6% and 4%, respectively.
- Climate Technology Solutions: Orders for this emerging category declined to $154 million, a 28% sequential drop, though they still marked a 25% year-over-year increase.
