Baker Hughes swings to Q1 GAAP profit but misses expectations
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Baker Hughes (NASDAQ:BKR) -2.5% pre-market after reporting Wednesday Q1 adjusted earnings and revenues that missed Wall Street estimates, reflecting a "very volatile market environment" that includes pressures from broader global supply chain constraints and recent geopolitical events.
Q1 net income swung to a profit of $72M, or $0.08/share, from a loss of $452M, or $0.61/share, in the year-ago period, while revenues rose 1% Y/Y but fell 12% Q/Q to $4.84B, below the ~$5B analyst consensus.
Q1 orders jumped 51% Y/Y and 3% Q/Q to $6.83B, with a higher order intake in Oilfield Equipment and Turbomachinery & Process Solutions, partially offset by a Q/Q reduction in Digital Solutions and Oilfield Services.
Revenues by segment: Oilfield Services +13% Y/Y to $2.49B, Turbomachinery & Process Solutions -9% to $1.35B, Oilfield Equipment -16% to $528M, Digital Solutions +1% to $474M.
"As we look ahead to the rest of 2022, we see a favorable oil and gas price backdrop, but also a dynamic operating environment. The recent and unfortunate geopolitical events are exacerbating several trends, including broad-based inflation and supply pressures for key materials, commodities and labor," CEO Lorenzo Simonelli said.
Baker Hughes (BKR) shares have climbed 52% YTD and 83% during the past year.