Q4 23 EPS
$0.51
BEAT +6.25%
Est. $0.48
Q4 23 Revenue
$6.84B
MISS 1.16%
Est. $6.92B
vs S&P Since Q4 23
+22.3%
BEATING MARKET
BKR +75.8% vs S&P +53.4%
Full Year 2023 Results
FY 23 EPS
$1.60
FY 23 Revenue
$25.51B
Market Reaction
Did BKR Beat Earnings? Q4 2023 Results
Baker Hughes posted a mixed but largely resilient fourth quarter, delivering adjusted diluted EPS of $0.51 against a consensus estimate of $0.48, a beat of 6.25%, even as revenue of $6.83 billion came in just shy of the $6.92 billion analysts had exp… Read more Baker Hughes posted a mixed but largely resilient fourth quarter, delivering adjusted diluted EPS of $0.51 against a consensus estimate of $0.48, a beat of 6.25%, even as revenue of $6.83 billion came in just shy of the $6.92 billion analysts had expected, missing by 1.16%. The top line still represented a 15.8% increase year-over-year, underpinned by a standout performance in the Industrial & Energy Technology segment, where revenue surged 24% from a year ago to $2.88 billion, fueled largely by a 41% jump in Gas Technology Equipment. Adjusted EBITDA crossed the $1.00 billion threshold for the quarter, while the company returned $521.00 million to shareholders, including $320.00 million in buybacks. The results arrive against a backdrop of broader sector caution, with Saudi Aramco's decision to cut its maximum sustainable oil production capacity target weighing on sentiment across oilfield services peers. Baker Hughes' $33.50 billion remaining performance obligations backlog, however, signals durable demand well into future quarters.
Key Takeaways
- • Structural cost-out of $150 million fully realized
- • Higher volume and pricing in both OFSE and IET segments
- • Strong IET orders exceeding $3 billion for five consecutive quarters
- • OFSE EBITDA margin improvement to record 17.9%
- • Gas Technology Equipment revenue up 41% year-over-year driving IET growth
- • International OFSE revenue growth of 2% sequentially driven by all regions
BKR YoY Financials
Q4 2023 vs Q4 2022, source: SEC Filings
BKR Revenue by Segment
With YoY comparisons, source: SEC Filings
BKR Revenue by Geography
With YoY comparisons, source: SEC Filings
“As we continue our journey, 2023 proved to be a pivotal year for Baker Hughes. We successfully removed $150 million of costs, realigned our Industrial & Energy Technology (IET) segment, and recently launched actions to further streamline our Oilfield Services & Equipment segment (OFSE). Our strategy to transform the way we operate is working. In 2023, our adjusted EBITDA* was up double digits for the third consecutive year and exceeded prior cycle's peak levels by 25%. I would like to thank our employees for their hard work and commitment to achieve our goals, delivering for our customers, and pushing the Company forward.”
— Lorenzo Simonelli, Q4 2023 Earnings Press Release
BKR Earnings Trends
BKR vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
BKR EPS Trend
Earnings per share: estimate vs actual
BKR Revenue Trend
Quarterly revenue: estimate vs actual
BKR Quarterly Results
10 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.49 | $0.58 | +17.50% | $6.59B | +4.09% |
| Q4 25 BEAT FY | $0.67 | $0.78 | +16.73% | $7.39B | +4.30% |
| FY Full Year | — | $2.60 | — | $27.73B | — |
| Q3 25 BEAT | $0.62 | $0.68 | +9.78% | $7.01B | +2.63% |
| Q2 25 BEAT | $0.55 | $0.63 | +13.68% | $6.91B | +4.21% |
| Q1 25 BEAT | $0.47 | $0.51 | +7.59% | $6.43B | -1.15% |
| Q4 24 BEAT FY | $0.63 | $0.70 | +11.86% | $7.36B | +4.15% |
| FY Full Year | — | $2.35 | — | $27.83B | — |
| Q3 24 BEAT | $0.61 | $0.67 | +9.84% | $6.91B | -4.27% |
| Q2 24 BEAT | $0.49 | $0.57 | +16.33% | $7.14B | +4.91% |
| Q1 24 BEAT | $0.40 | $0.43 | +7.50% | $6.42B | +0.78% |
| Q4 23 BEAT FY | $0.48 | $0.51 | +6.25% | $6.84B | -1.16% |
| FY Full Year | — | $1.60 | — | $25.51B | — |