Baker Hughes raises full year revenue forecast on demand for LNG equipment

HOUSTON (Reuters) – Oilfield and liquefied supplier Baker Hughes on Thursday raised its full year revenue forecast, primarily on strong demand for its liquefied natural gas (LNG) equipment.

Baker Hughes in recent years has benefited from a boom in global demand for LNG and the race to build new export terminals and the post-COVID recovery of oilfield activity.

The company expects revenue this year of between $25.4 million and $25.8 billion, compared with a previous forecast for revenue between $24.8 billion and $26 billion, it said during an earnings call.

Shares of the company rose 3.8% to $35.31 in early trading.

Baker Hughes raised its order outlook for its industrial and energy technology business segment for a second time this year.

Orders in the segment, which includes its LNG business, are now expected to range between $14 and $14.5 billion, from its original forecast of $10.5 billion to $11.5 billion.

The outlook for revenue from oilfield services and equipment business is $15.4 billion, at the midpoint of a prior $15.3 billion to $15.5 billion range.