Baker Hughes Q3 Profit Drops 33% as Orders Jump 31%, Backlog Hits Record $46.4 Billion

Baker Hughes (BKR) reported third-quarter net income attributable to shareholders of $411 million, down 33% from $609 million a year earlier, as diluted earnings per share fell to $0.41 from $0.61. Adjusted results diverged from reported figures: adjusted net income rose 2% to $695 million, adjusted EPS climbed to $0.70 from $0.68, and adjusted EBITDA increased 14% to $1.42 billion. Revenue grew 14% year-over-year to $8.03 billion, aided by the July acquisition of Chart Industries, which contributed $888 million in revenue. Orders surged 31% to $10.76 billion, and remaining performance obligations reached a record $46.4 billion. The Industrial & Energy Technology division booked $5.89 billion in orders, up 42%, with demand spanning LNG infrastructure, power generation and AI data centers, including 1.1 gigawatts of equipment for a major U.S. technology company. The company raised its full-year IET order guidance and lifted its longer-term Horizon 2 IET order outlook above $50 billion. Baker Hughes generated $1.01 billion in operating cash flow and $769 million in free cash flow, up 10%.