Baker Hughes Company (NASDAQ:BKR) Q3 2024 Earnings Conference Call October 23, 2024 9:30 AM ET
Company Participants
Chase Mulvehill - VP, IR
Lorenzo Simonelli - Chairman & CEO
Nancy Buese - CFO
Conference Call Participants
David Anderson - Barclays
Scott Gruber - Citigroup
Stephen Gengaro - Stifel
James West - Evercore ISI
Saurabh Pant - Bank of America
Marc Bianchi - TD Cowen
Operator
Good day, ladies and gentlemen, and welcome to the Baker Hughes Company Third Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. As a reminder, this conference call is being recorded.
I would now like to introduce your host for today's conference, Mr. Chase Mulvehill, Vice President of Investor Relations. Sir, you may begin.
Chase Mulvehill
Thank you. Good morning, everyone, and welcome to Baker Hughes third quarter earnings conference call. Here with me are our Chairman and CEO, Lorenzo Simonelli; and our CFO, Nancy Buese.
The earnings release we issued yesterday evening can be found on our website at bakerhughes.com. We will also be using a presentation with our prepared remarks during this webcast, which can be found on our website.
As a reminder, during this conference call, we will provide forward-looking statements. These statements are not guarantees of future performance and involve a number of risks and assumptions. Please review our SEC filings and website for factors that could cause actual results to differ materially. Reconciliations of operating income and other GAAP to non-GAAP measures can be found in our earnings release.
With that, I'll turn the call over to Lorenzo.
Lorenzo Simonelli
Thank you, Chase. Good morning, everyone, and thanks for joining us.
Starting on Slide 4, we delivered strong third quarter results, highlighted by another record quarterly EBITDA and the third consecutive quarter of at least 20% year-on-year EBITDA growth. EBITDA margins continue to improve at an accelerated pace, increasing year-over-year by 2.7 percentage points to 17.5%, which marks the highest margin quarter since 2017. This strong performance is driven by significant margin expansion across both segments, with clear progress being made toward our 20% EBITDA margin targets.
Total company orders remain at solid levels during the quarter, including $2.9 billion for IET. This marks the 8th consecutive quarter for IET orders at or above that level and highlights the end market diversity and versatility of our technologies.