Baker Hughes Reports Forecast-Beating Earnings in Q1

Baker Hughes has reported forecast-beating financial figures for the first quarter of the year, joining Halliburton and SLB in booking robust performance amid strong demand for oilfield services . Baker Hughes boasted a net income of $455 million for the first quarter, on revenues of $6.4 billion, which was a 12% improvement on the year. Earnings before interest, tax, depreciation, and amortization rose 21% to $943 million.

“Importantly, we exceeded the midpoint of our EBITDA margin guidance, driven by outstanding operational performance in the IET segment. We also booked $239 million of new energy orders and generated more than $500 million of free cash flow.' Baker Hughes noted the results were lifted by new deals closed during the quarter, notable with Aramco and Brazil’s Petrobras.

Source: News Formal (newsformal.com)

Oilfield Services Earnings Revenue Profit Crude Oil Demand

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