Baker Hughes Posts Lower 1Q Profit

Dow Jones04-24

By Sabela Ojea

Baker Hughes said profit dropped in the latest quarter as it dealt with higher costs and a decline in orders.

The energy technology company on Tuesday posted a first-quarter net profit of $455 million, or 45 cents a share, compared with $576 million, or 57 cents a share, for the same period a year earlier.

The company's costs and expenses rose to $5.77 billion from $5.28 billion a year ago.

Stripping out one-time items, the company's earnings per share came in at 43 cents. Analysts surveyed by FactSet had forecast adjusted earnings per share of 39 cents.

Revenue rose 12% to $6.42 billion, beating analysts expectations of $6.37 billion, according to FactSet.

However, the company's orders stood at $6.54 billion, down from $6.9 billion for the year-ago period.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

April 23, 2024 17:22 ET (21:22 GMT)

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