Baker Hughes Q3 2024 10-Q Filed

TL;DR

Baker Hughes 10-Q is in: Q3 & YTD financials are here, compare vs 2023.

AI Summary

Baker Hughes Co. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance across its product and service segments for the third quarter and the first nine months of the year, comparing them to the same periods in 2023. Specific revenue and profit figures for these segments are provided, reflecting the company's operational results.

Why It Matters

This filing provides investors with the latest financial performance data for Baker Hughes, crucial for understanding the company's operational health and future prospects in the oil and gas sector.

Risk Assessment

Risk Level: medium — 10-Q filings are standard for public companies, but the oil and gas industry is inherently volatile, impacting Baker Hughes' financial stability.

Key Numbers

• 2024-09-30 — Reporting Period End Date (This is the end date for the financial data presented in the 10-Q.)
• 2024-01-01 — Year-to-Date Start Date (Marks the beginning of the year-to-date financial reporting period.)
• 2023-07-01 — Q3 2023 Start Date (Marks the beginning of the third quarter of the prior year for comparison.)

Key Players & Entities

• Baker Hughes Co. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of reporting period
• 2023 (date) — Comparison period
• 575 NORTH DAIRY ASHFORD ROAD, SUITE 100 (address) — Company business and mailing address
• HOUSTON (location) — Company city
• TX (location) — Company state

FAQ

Key Financial Figures

• $0.0001 — stered Class A Common Stock, par value $0.0001 per share BKR The Nasdaq Stock Market L

Filing Documents

• bkr-20240930.htm (10-Q) — 1143KB
• bakerhughes10-qexhibit221.htm (EX-22.1) — 6KB
• bkr20240930exhibit311.htm (EX-31.1) — 10KB
• bkr20240930exhibit312.htm (EX-31.2) — 10KB
• bkr20240930exhibit32.htm (EX-32) — 15KB
• 0001701605-24-000131.txt ( ) — 7799KB
• bkr-20240930.xsd (EX-101.SCH) — 51KB
• bkr-20240930_cal.xml (EX-101.CAL) — 80KB
• bkr-20240930_def.xml (EX-101.DEF) — 370KB
• bkr-20240930_lab.xml (EX-101.LAB) — 675KB
• bkr-20240930_pre.xml (EX-101.PRE) — 516KB
• bkr-20240930_htm.xml (XML) — 1073KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Consolidated Statements of Income (Loss) (Unaudited) - Three and nine months ended September 30, 2024 and 2023 1 Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - Three and nine months ended September 30, 2024 and 2023 2 Condensed Consolidated Statements of Financial Position (Unaudited) - September 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Changes in Equity (Unaudited) - Three and nine months ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows (Unaudited) - Nine months ended September 30, 2024 and 2023 6 Notes to Unaudited Condensed Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 36 PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 3. Defaults Upon Senior Securities 37 Item 4. Mine Safety Disclosures 37 Item 5. Other Information 38 Item 6. Exhibits 38

Signatures

Signatures 39 Baker Hughes Company 2024 Third Quarter Form 10-Q | i

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) Baker Hughes Company Condensed Consolidated Statements of Income (Loss) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, (In millions, except per share amounts) 2024 2023 2024 2023 Revenue: Sales of goods $ 4,413 $ 4,044 $ 12,963 $ 11,320 Sales of services 2,495 2,597 7,502 7,351 Total revenue 6,908 6,641 20,465 18,671 Costs and expenses: Cost of goods sold 3,581 3,467 10,763 9,704 Cost of services sold 1,785 1,831 5,392 5,163 Selling, general and administrative 612 627 1,873 1,977 Restructuring, impairment and other — 2 21 161 Total costs and expenses 5,978 5,927 18,049 17,005 Operating income 930 714 2,416 1,666 Other non-operating income, net 134 94 200 638 Interest expense, net ( 55 ) ( 49 ) ( 143 ) ( 171 ) Income before income taxes 1,009 759 2,473 2,133 Provision for income taxes ( 235 ) ( 235 ) ( 656 ) ( 614 ) Net income 774 524 1,817 1,519 Less: Net income attributable to noncontrolling interests 8 6 17 16 Net income attributable to Baker Hughes Company $ 766 $ 518 $ 1,800 $ 1,503 Per share amounts: Basic income per Class A common stock $ 0.77 $ 0.51 $ 1.81 $ 1.49 Diluted income per Class A common stock $ 0.77 $ 0.51 $ 1.80 $ 1.48 Cash dividend per Class A common stock $ 0.21 $ 0.20 $ 0.63 $ 0.58 See accompanying Notes to Unaudited Condensed Consolidated Financial Statements. Baker Hughes Company 2024 Third Quarter Form 10-Q | 1 Baker Hughes Company Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Net income $ 774 $ 524 $ 1,817 $ 1,519 Less: Net income attributable to noncontrolling interests 8 6 17 16 Net income attributable to Baker Hughes Company 766 518 1,800 1,503 Other comprehensive income (loss): Foreign currency translation adjustments 142 ( 122 ) ( 50 ) 47 Cash flow hedges 8 ( 14 ) 6 ( 3 ) Benefit pla

View Full Filing

View this 10-Q filing on SEC EDGAR