Baker Hughes Profit Falls 33% as Chart Industries Lifts Revenue

Baker Hughes posted third-quarter revenue of $8.025 billion, up 14% from a year earlier, while net income attributable to the company declined 33% to $411 million.

Revenue increased from $7.010 billion a year earlier. It measures income from business activities before expenses are deducted. Net income, by contrast, reflects the company’s profit attributable to shareholders. That figure declined from $609 million in the year-earlier quarter.

GAAP diluted earnings per share fell to $0.41 from $0.61. On an adjusted basis, net income rose 2% to $695 million from $678 million, and diluted earnings per share increased to $0.70 from $0.68. The results therefore showed different year-over-year directions for GAAP and adjusted earnings per share.

The adjusted results are non-GAAP measures. Net adjustments totaled $284 million and included $158 million in transaction-related costs and $143 million in amortization of Chart intangible assets. Those adjustments are part of the basis for the difference between the reported GAAP results and the adjusted figures.

Orders rose 31% to $10.764 billion. In the Industrial & Energy Technology segment, orders climbed 42% to $5.886 billion, and remaining performance obligations reached a record $39.4 billion. These segment figures accompanied the companywide revenue and income results for the quarter.

Baker Hughes shares closed Wednesday, Oct. 28, at $54.66, down 7.36% from the previous close of $59. The company released its third-quarter results Tuesday, Oct. 27, at 5 p.m. ET (21:00 UTC).