Baker Hughes exceeded Q3 financial expectations with a 23% increase in orders despite a 20% dip in net profits. Free cash flow rose to $699 million, driven by strong demand for LNG services. The company attributed its success to gas-related business activities and a $4 billion order backlog in gas and LNG infrastructure.

The Industrial & Energy Technology division boasted a $4 billion backlog, contributing to the company’s total order backlog reaching an all-time high of $32.1 billion. Baker Hughes noted a slowdown in oilfield activity but highlighted strong performance in gas-related business. CEO Lorenzo Simonelli emphasized the resilience of the company’s portfolio and positive margin progression.

Baker Hughes’ focus on natural gas amid strong demand projections led to a surge in orders and financial success. The company’s Industrial & Energy Technology division reported a $4 billion order backlog, driving consolidated Adjusted EBITDA margins higher year-over-year. CEO Lorenzo Simonelli highlighted the company’s disciplined execution and positive margin progression.

Read more at Yahoo Finance: LNG Demand Fuels Strong Third Quarter for Baker Hughes