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BAKER HUGHES REDUCES NET LOSS WITH ORDERS AND REVENUE INCREASE

Baker Hughes announced second quarter 2021 results:
• Orders of $5.1 billion for the quarter, up 12% sequentially and up 4% year-over-year.
• Revenue of $5.1 billion for the quarter, up 8% sequentially and up 9% year-over-year.
• GAAP operating income of $194 million for the quarter, up 18% sequentially and favorable year-over-year.
• Adjusted operating income (a non-GAAP measure) of $333 million for the quarter was up 23% sequentially and favorable year-over-year.
• Adjusted EBITDA* (a non-GAAP measure) of $611 million for the quarter was up 9% sequentially and up 38% year-over-year.
• GAAP loss per share of $(0.08) for the quarter which included $0.18 per share of adjusting items. Adjusted earnings per share (a non-GAAP measure) was $0.10.
• Cash flows generated from operating activities were $506 million for the quarter. Free cash flow (a non-GAAP measure) for the quarter was $385 million.
“We are pleased with our second quarter results as we continued to generate significant free cash flow, execute on our strategy, and lead in the energy transition. During the quarter, TPS and OFE delivered solid orders and operating income while OFS continued to improve margins. We continued to invest and collaborate in strategic areas for new energy frontiers, advancing our partnerships in hydrogen, carbon capture, utilization and storage, and clean integrated power. I want to thank our employees and partners for their continued hard work and commitment to safety,” said Lorenzo Simonelli, Baker Hughes chairman and chief executive officer.
“As we look ahead to the second half of 2021, we see continued signs of global economic recovery that should drive further demand growth for oil and natural gas. Although we recognize the risks presented by the variant strains of the COVID-19 virus, we expect spending and activity levels to gain momentum through the year as the macro environment improves, likely setting up the industry for stronger growth in 2022.
“We remain focused on executing our strategy as the macro economy improves and our customers continue on their journey to a net-zero future. We look forward to supporting our customers, advancing our strategic priorities, and delivering for our shareholders,” concluded Simonelli.
(Source and image: Baker Hughes)