Baker Hughes reports increased earnings and revenue

Baker Hughes and HIF Global Collaborate on Direct Air Capture Technology -  Carbon Capture Technology Expo Europe


Increased earnings and revenue were the order of the day for Houston-based Baker Hughes Co.

The company, with major operations throughout Oklahoma, reported an 18% increase in first quarter revenue of $5.7 billion while adjusted operating income rose $160 million to reach $438 million. Cash flows generated from the company’s operating activities were $461 million for the quarter and its diluted earnings per share were 57 cents for the quarter.

“We were pleased with our first quarter results and remain optimistic on the outlook for 2023. We maintained our strong order momentum in IET and SSPS. We also delivered solid operating results at the high end of our guidance in both business segments, booked almost $300 million of New Energy orders and generated approximately $200 million of free cash flow,” said Lorenzo Simonelli, Baker Hughes chairman and chief executive officer.

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