Baker Hughes Co. Reduced Net Profit in the First Quarter of 2024 by 21% Due to Higher Costs and Lower Order Volumes
The company’s net profit in January-March amounted to $455 million compared to $576 million in the same period last year. Earnings per share decreased to $0.45 from $0.57.
Earnings excluding one-time factors were $0.43 per share, exceeding the consensus forecast of analysts polled by FactSet at $0.39 per share.
Baker Hughes’ quarterly revenue increased by 12%, to $6.42 billion from $5.72 billion a year earlier, with the average expert forecast of $6.37 billion.
Revenue from Baker Hughes’ oil field services and equipment manufacturing business increased 6% in the past quarter to $3.78 billion. Revenue from its industrial and energy technology segment increased 23% to $2.63 billion.
The company’s expenses increased by 9%, to $5.77 billion from $5.28 billion a year earlier.
Baker Hughes’ total order volume in the past quarter decreased by 14% compared to the first quarter of 2023, to $6.54 billion.
