From GlobeNewswire:

Baker Hughes Company announced fourth-quarter highlights, including $3,030 million in IET orders, 5 consecutive quarters above $3 billion. Net income was $439 million, a $257 million increase for the year. Adjusted EBITDA reached over $1 billion for the first time ever. Full-year highlights showed a 12% increase in IET orders to a record $14.18 billion. Full-year adjusted EBITDA hit $3.76 billion, a 26% increase from the prior year. Cash flows from operating activities were $3.06 billion. Total shareholder distributions amounted to $1.32 billion, including $538 million in share repurchases. Baker Hughes’ strategy to become a leaner and more efficient energy technology company is paying off, driving margins significantly higher. During the fourth quarter, the OFSE business segment secured significant, multi-year integrated solutions contracts in Latin America, reflecting confidence in Baker Hughes’ solutions. IET experienced strong orders performance, securing important contracts. IET’s Industrial Solutions product line secured a multi-year contract deal with Shell and a contract with ONGC in India. In new energy, IET secured a Climate Technology Solutions order for two Brush synchronous condenser systems. Revenue for the quarter was $6,835 million, a 3% increase sequentially and a 16% increase year-over-year. Operating income for the fourth quarter was $651 million. Total segment operating income was $904 million, up 12% from the previous quarter and up 14% year-over-year. Depreciation and amortization for the fourth quarter was $274 million. Adjusted EBITDA for the fourth quarter reached $1,091 million. Adjusted EBITDA was up 11% sequentially and up 15% year-over-year.



Read more: Baker Hughes Announces Fourth-Quarter and Full-Year 2023