Baker Hughes reports rise in quarterly profits

Baker Hughes has beat its estimates and recorded an 18% year-on-year rise in revenues for Q1 2023, the Houston-based energy technology company announced on Wednesday.

The company posted revenues of USD 5.7 billion for the quarter in accordance with the USA’ Generally Accepted Accounting Principles (GAAP).

Adjusted earnings before interest, taxes and depreciation without using GAAP stood at USD 782 million for the quarter, up by 25% year-on-year.

Additionally, it delivered USD 438 million in operating income for the quarter following GAAP, up by USD 160 million year-on-year.

Adjusted operating income without using GAAP for the quarter stood at USD 512 million, up by 47% from the same quarter in 2022.

The company expects full-year revenue to be between USD 24 billion and USD 26 billion in 2023, up from USD 21.2 billion in 2022.

“We were pleased with our first quarter results and remain optimistic on the outlook for 2023,” said Lorenzo Simonelli, chairman and CEO of Baker Hughes.

“We maintained our strong order momentum in IET [industrial and energy technology] and SSPS [subsea and surface pressure systems]. We also delivered solid operating results at the high end of our guidance in both business segments, booked almost USD 300 million of new energy orders and generated approximately USD 200 million of free cash flow.”

In April 2023, Baker Hughes signed a contract with QatarEnergy to supply key components for the North Field South gas project in Qatar.