Baker Hughes unveiled its first quarter earnings on Wednesday, showing a drop in revenue, operating income and adjusted earnings from the previous quarter, but increases from a year ago.
The company stated its revenue of $4.8 billion for the quarter was down 12% from the fourth quarter but 1% higher than a year ago.
“Our first quarter results reflect operating in a very volatile market environment during the first few months of 2022,” said Lorenzo Simonelli, Baker Hughes chairman and chief executive officer.
“The recent and unfortunate geopolitical events are exacerbating several trends, including broad-based inflation and supply pressures for key materials, commodities and labor,” he added in releasing the report.
Orders totaled $6.8 billion for the quarter which was 3% more than the previous quarter and 51% higher year-over-year. Operating income of $279 million in the quarter was down 51% from the fourth quarter but 70% more than a year ago.
Adjusted operating income of $348 million was down 39% from the previous quarter and 29 % more than a year ago. Adjusted EBITDA totaled $625 million for the quarter, a fall of 26% from the fourth quarter but 11% more year-over-year.
Click here for Baker Hughes report from Business Wire
