Baker Hughes’ revenue rose 1% to $7.0bn in the third quarter. This comes as double-digit growth in the Industrial & Energy Technology (IET) division was just enough to offset declines in Oilfield Services & Equipment (OFSE).
Underlying cash profits (EBITDA) rose 2% to $1.2bn, in line with the revenue trend, as growth in IET helped offset declines in OFSE.
Free cash flow fell by 7% to $0.7bn, driven by a reduction in cash generated from operations. Net debt was $3.4bn at period-end.
Total orders in the quarter rose 23% to $8.2bn, taking the order book up to $35.3bn.
The shares were broadly flat in after-hours trading.
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Baker Hughes key facts
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