
Baker Hughes Posts $402MM Q1 Profit
Baker Hughes Co. has reported $402 million in net income for the first quarter (Q1), down $777 million from the prior three-month period and $53 million against Q1 2024. Net earnings adjusted for nonrecurring or extraordinary items fell 27 percent quarter-on-quarter but rose 19 percent year-on-year to $509 million, or 51 cents per share. Adjustments totaled $108 million. The adjusted figure beat the average estimate of 47 cents from analysts surveyed by Zacks. The Houston, Texas-based oilfield and energy tech heavyweight closed higher at $38.36 on Nasdaq on results day. Meanwhile Baker Hughes’ adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) dropped 21 percent sequentially but grew 10 percent year-over-year to $1.04 billion. Adjustments totaled $140 million. The quarter-on-quarter decline in adjusted net income and adjusted EBITDA primarily resulted from lower volumes in both the oilfield services and equipment (OFSE) segment and the industrial and energy technology (IET) segment. The decrease in volumes was partially offset by “productivity and structural cost-out initiatives”, Baker Hughes said in an online statement. “The year-over-year increase in adjusted net income and adjusted EBITDA was driven by increased volume in IET including higher proportionate growth in Gas Technology Equipment and productivity, structural cost-out initiatives and higher pricing in both segments, partially offset by decreased volume and business mix in OFSE and cost inflation in both segments”. Revenue totaled $6.43 billion, down 13 percent sequentially but stable year-on-year. Operating activities in the January-March 2025 period generated $709 million in cash flow. Free cash flow landed at $454 million. “In our IET segment, we booked $3.2 billion of orders, including our first data center awards, totaling more than 350 MW of power solutions for this rapidly evolving market”, highlighted chair and chief executive Lorenzo Simonelli. “In addition to expanding opportunities for data centers, we have a strong pipeline