Baker Hughes beats second-quarter profit estimates on strong demand for natgas technology
The energy industry is benefiting from an increase in demand for natural gas, driven primarily by LNG exports and rising electricity consumption as a result of hotter temperatures, data centers and AI operations.
Baker Hughes has been trying to leverage its industrial and energy technology (IET) portfolio to drive growth and expand its presence in the natural gas and LNG sectors.
The company provides compressors, turbines, valves and other modular systems to customers for gas processing.
Revenue from its IET segment rose to $3.29 billion from $3.13 billion a year earlier.
However, total revenue fell 3% to $6.91 billion from last year as a slowdown in drilling activity across international markets and in North America weighed on demand for its oilfield equipment and technology.
The Houston-based company posted an adjusted profit of 63 cents per share for the three months ended June 30, compared with analysts' estimates of 56 cents per share, according to data compiled by LSEG.
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