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Baker Hughes Company (BKR+0.80%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $27.8 billion for 2024, an increase from $25.5 billion in 2023. The increase was driven by growth in the Industrial & Energy Technology segment.
Operating income for 2024 was $3.1 billion, compared to $2.3 billion in 2023. The increase was attributed to higher volume, favorable pricing, and cost optimization efforts.
Net income attributable to Baker Hughes Company was $2.979 billion, up from $1.943 billion in the previous year. The improvement was primarily due to increased revenues and operating income.
The company reported cash flows from operating activities of $3.332 billion, an increase from $3.062 billion in 2023, driven by higher net income and efficient working capital management.
Baker Hughes Company returned $1.3 billion to shareholders in 2024 through dividends and share repurchases, reflecting its commitment to shareholder returns.
The company outlined its strategy focusing on transforming its core business, driving profitable growth, and delivering results in new energy markets, including hydrogen and carbon capture solutions.
Baker Hughes continues to emphasize its ESG commitments, reporting a 28.3% reduction in Scope 1 and 2 carbon emissions since 2019, and aims for net-zero emissions by 2050.
The filing also details various financial agreements, including a $3 billion revolving credit facility maturing in 2028, which remains undrawn.
Baker Hughes identified no material weaknesses in its internal controls over financial reporting and continues to focus on enhancing its cybersecurity measures.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Baker Hughes Company annual 10-K report dated February 4, 2025. To report an error, please email earnings@qz.com.