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BKR
FY2026 Q1
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Отчётный звонок Baker Hughes Company
Вывод Buzzberg
IET record orders and backlog raise Horizon 2 target confidence
Baker Hughes reported Q1 2026 earnings ahead of guidance, driven by record orders in its IET segment, particularly in power systems and LNG, despite a challenging macro environment with the Middle East conflict. Management maintained or reiterated their full-year guidance, expressed increased confidence in the Horizon 2 IET order target of $40B, and emphasized the structural demand for energy security and power infrastructure. Adjusted EBITDA of $1.16B exceeded guidance, with IET EBITDA up 35% YoY on record orders of $4.9B.
Вывод Buzzberg IET record orders and backlog raise Horizon 2 target confidence Baker Hughes reported Q1 2026 earnings ahead of guidance, driven by record orders in its IET segment, particularly in power systems and LNG, despite a challenging macro environment with the Middle East conflict. Management maintained or reiterated their full-year guidance, expressed increased confidence in the Horizon 2 IET order target of $40B, and emphasized the structural demand for energy security and power infrastructure. Adjusted EBITDA of $1.16B exceeded guidance, with IET EBITDA up 35% YoY on record orders of $4.9B. Читать полный анализСвернуть анализ
Baker Hughes reported Q1 2026 earnings ahead of guidance, driven by record orders in its IET segment, particularly in power systems and LNG, despite a challenging macro environment with the Middle East conflict. Management maintained or reiterated their full-year guidance, expressed increased confidence in the Horizon 2 IET order target of $40B, and emphasized the structural demand for energy security and power infrastructure. Adjusted EBITDA of $1.16B exceeded guidance, with IET EBITDA up 35% YoY on record orders of $4.9B.
- IET backlog reached a record $33.1B, driven by strong demand in power systems, LNG, and gas infrastructure.
- The Middle East conflict is a major disruption, with the Strait of Hormuz closure impacting oil and LNG markets significantly.
- Despite the conflict, management raised the Horizon 2 IET order target to over $40B and maintained FY2026 guidance.
IET Выручка$3.35BФакт
OFSE Выручка$3.24BФакт
Выручка$6.587B-11% к/к
EPS$0.58-26% к/к
6 подтверждённых тезисов
Что важно сейчас
Самые значимые изменения по итогам звонка.
Supply
Nova LT sold out through 2028, capacity doubling
Demand
Power systems orders hit $1.4 billion, data center demand strong
Показать ещё 3 тезиса
Macro
Middle East conflict cuts global LNG capacity 20%
Portfolio
Portfolio actions to generate ~$3 billion gross proceeds in 2026
Guidance
Full-year guidance maintained despite Middle East uncertainty
Отчётный период
Фактические результаты
| Показатель | Факт | Изменение |
|---|---|---|
| IET Выручка | $3.35B | Факт |
| OFSE Выручка | $3.24B | Факт |
| Выручка | $6.587B | -11% к/к |
| EPS | $0.58 | -26% к/к |
| Валовая маржа | 22.83% | Факт |
| Операционная маржа | 12.28% | Факт |
Прогнозные данные
Прогноз компании
| Показатель | Период | Диапазон | Середина | Статус |
|---|---|---|---|---|
| Выручка | FY2026 Q2 | $6.5B | $6.5B | Обозначен |
| ВыручкаOFSE | FY2026 Q2 | $3.2B | $3.2B | Обозначен |
AI, капзатраты и спрос
Оценка менеджмента
Measured
Management acknowledged significant Middle East disruption and uncertainty but expressed confidence in portfolio resilience and growth opportunities, especially in IET and power systems.
Оценка AI от менеджмента
Management highlighted AI as a key driver of power demand, with data centers and AI compute expected to double power demand by 2040. They also announced a collaboration with Google Cloud to develop AI-enabled power optimization and sustainability solutions for data centers, and noted strong growth in digital offerings like Cordent asset health.
Инвестиции и мощности
Management discussed capacity expansion across their power systems portfolio, including doubling NOVA LT capacity (sold out through 2028) and adding capacity to brush product lines. They are also investing in R&D for next-generation engines and emissions reduction technologies.
все упомянутые компании ниже: 18
Компаниис момента звонка
Клиенты
Клиенты
Lorenzo Simonelli
Crane Company acquired BKR's PSI business, a portfolio action that generated cash proceeds.
Доказательства
“Combined with the sale of PSI to Crane and the joint venture with Cactus, which both closed early in January, we expect to generate gross proceeds of approximately $3 billion in 2026.”
Клиенты
Lorenzo Simonelli
YPF is investing in its shale development in Argentina, securing BKR for well construction technology.
Доказательства
“In Argentina's Vacuum Water Shell, we signed a three-year contract with YPF to provide well construction technology.”
Клиенты
Lorenzo Simonelli
Petrobras continues to be a major customer, signing a long-term service agreement for its FPSO fleet.
Доказательства
“we continue to drive value through our lifecycle model, signing a five-year aftermarket service agreement with Petrobras.”
Клиенты
Lorenzo Simonelli
Marathon Petroleum has committed to a multi-year agreement with BKR for downstream chemicals, indicating a strategic partnership.
Доказательства
“we signed a substantial multi-year agreement with Marathon Petroleum, establishing ourselves as the preferred supplier of hydrocarbon treatment products and services.”
Клиенты
Ahmed Mogul
Hexagon is acquiring BKR's Waygate Technologies business, a portfolio move that generates cash for BKR.
Доказательства
“we anticipate generating gross proceeds of $1.6 billion from the IPO of HMH in the recently announced sale of Wege Technologies to Hexagon.”
Партнёры
Партнёры
The formation of the SPC joint venture with Cactus closed, removing its results from BKR's consolidated figures and generating proceeds.
Lorenzo Simonelli
Партнёры
Lorenzo Simonelli
Baker Hughes' new partnership with Google Cloud signals a growing push by hyperscalers to optimize energy consumption for AI data centers, creating a new software/services market. — This expands the potential for software-driven energy management in data centers, moving beyond just hardware, and competitors may need to follow suit.
Доказательства
“we announced a collaboration with Google Cloud to develop AI-enabled power optimization and sustainability solutions for data center applications.”
Цепочка поставок
Цепочка поставок
Lorenzo Simonelli
Baker Hughes is effectively sold out of its NOVA LT gas turbines through 2028, despite plans to double capacity, indicating extreme demand tightness in the aero-derivative turbine market. — This confirms a structural supply-demand imbalance in the power equipment market, a positive for turbine makers and a potential bottleneck for data center projects.
Доказательства
“We're effectively sold out of Nova LTs through 2028, and the tightness we're seeing across the broader turbine market is well understood.”
Цепочка поставок
The Middle East conflict has caused the OFSE segment's revenue in the region to potentially fall more than 20% sequentially in Q2 2026, with a heavier impact on product sales due to logistics. — The scale of disruption and the logistics bottleneck for product sales highlights a specific challenge for the OFS sector, potentially impacting competitors similarly.
Ahmed Mogul
Цепочка поставок
Middle East LNG infrastructure damage has taken 20% of worldwide LNG capacity offline, leading to a supply shortfall this year and driving fuel switching from gas to coal in Asia. — The scale of global LNG capacity offline is a massive supply shock, likely keep LNG prices high and benefiting US LNG exporters while hurting Asian buyers.
Lorenzo Simonelli
Цепочка поставок
Management now expects global upstream spending in 2026 to decline modestly, with North America and international markets outside the Middle East expected to be broadly flat. — This is a bullish signal for non-Middle East upstream markets, indicating that spending is more resilient than initially expected.
Lorenzo Simonelli
Цепочка поставок
Baker Hughes' new partnership with Google Cloud signals a growing push by hyperscalers to optimize energy consumption for AI data centers, creating a new software/services market. — This expands the potential for software-driven energy management in data centers, moving beyond just hardware, and competitors may need to follow suit.
Lorenzo SimonelliВнешние сигналы
Альфа цепочки поставок · 5с момента звонка
Baker Hughes is effectively sold out of its NOVA LT gas turbines through 2028, despite plans to double capacity, indicating extreme demand tightness in the aero-derivative turbine market.
The Middle East conflict has caused the OFSE segment's revenue in the region to potentially fall more than 20% sequentially in Q2 2026, with a heavier impact on product sales due to logistics.
Middle East LNG infrastructure damage has taken 20% of worldwide LNG capacity offline, leading to a supply shortfall this year and driving fuel switching from gas to coal in Asia.
Management now expects global upstream spending in 2026 to decline modestly, with North America and international markets outside the Middle East expected to be broadly flat.
Baker Hughes' new partnership with Google Cloud signals a growing push by hyperscalers to optimize energy consumption for AI data centers, creating a new software/services market.
Методология и полнота
Анализ основан только на заявлениях менеджмента. Показаны все подтверждённые упоминания компаний: 18. Фактические результаты и прогнозы разделены. Публичные доказательства ограничены восемью короткими атрибутированными цитатами. AI-анализ может быть неполным или ошибочным — проверяйте важные утверждения по первоисточнику.