Baker Hughes Reports Higher Profit, Revenue In Q1

(RTTNews) - Oil field services provider Baker Hughes Company (BKR) Wednesday reported a profit of $576 million or $0.57 per share for the first quarter, higher than $72 million or $0.08 per share in the same quarter a year ago, helped by improved orders.

Excluding one-time items, earnings were $0.28 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $0.26 per share. Analysts' estimates typically exclude special items.

Quarterly revenue increased 18% to $5.716 billion from $4.835 billion last year driven by higher orders. The consensus estimate was for $5.51 billion.

The company said its orders were $7.6 billion for the quarter, up 12% year-over-year.

Looking forward, Lorenzo Simonelli, Baker Hughes chairman and chief executive officer commented, "We were pleased with our first quarter results and remain optimistic on the outlook for 2023."