Overview
- Baker Hughes reported adjusted earnings of $0.68 per share for the quarter ended Sept. 30, beating the $0.62 consensus, with revenue of $7.01 billion topping the $6.83 billion estimate.
- IET quarterly orders rose 44% year over year to $4.14 billion, and the division’s backlog reached a record $32.1 billion.
- The company guided IET revenue to $3.2 billion to $3.7 billion for the current quarter and $12.8 billion to $13.3 billion for the full year, with 2025 orders projected at $13.5 billion to $14.5 billion.
- CEO Lorenzo Simonelli said IET performance lifted consolidated adjusted EBITDA margins even as oilfield services and equipment margins softened.
- Sector demand is tilting toward LNG infrastructure, power‑grid upgrades and data‑center electricity needs, with rivals SLB and Halliburton also reporting profit beats.