Exchange-traded funds (ETFs) were net sellers of Baker Hughes (BKR) for a second straight session on Tuesday, dumping a net $26.8 million of the energy equipment maker. More funds bought than sold, with 26 buying and 13 selling, but the sellers traded larger amounts. DLN led the selling at $12.5 million, followed by XLE at $8.0 million and IWS at $2.2 million. XLE still holds 21,481,681 shares, a 2.82% weight. ETFs sold a net $4.4 million on October 26 and bought a net $5.2 million on October 23. Over the last five reported days, they were net sellers on four. Baker Hughes has a market cap of $54.3 billion. Its shares have returned 21.33% this year.

Baker Hughes reported third-quarter orders of $10.8 billion and revenue of about $8 billion, up 14% year over year. Adjusted EBITDA rose 14% to $1.42 billion, and free cash flow was $769 million. Orders in its Industrial & Energy Technology unit hit $5.9 billion, driven by data centres, power systems, and LNG. Remaining performance obligations reached a record $39.4 billion, and the company raised its 2025 unit orders outlook to $21.5 billion–$23.5 billion. Chart Industries, acquired on July 16, added $888 million in revenue. Baker Hughes has completed about $70 million of annualised savings toward a $325 million target. It raised its full-year EBITDA outlook midpoint to $5.265 billion and expects to cut leverage below 1.5x by the second half of 2028.

Baker Hughes reported a 33% drop in third-quarter net profit to $411 million, from $609 million a year earlier. Orders rose 31% to $10.76 billion, and backlog hit a record $46.4 billion. Adjusted net income rose 2% to $695 million. Revenue climbed 14% to $8.03 billion, helped by the acquisition of Chart Industries, completed on July 16. The Houston-based company's Industrial & Energy Technology division won $5.89 billion in orders, up 42%, driven by LNG, natural gas and power generation demand. Orders included 1.1 gigawatts of power equipment for a US technology company and about 500 megawatts for AI data centres. Free cash flow rose 10% to $769 million. Baker Hughes raised its full-year order guidance for the division.