2024-04-24 13:55:24 ET
Baker Hughes Company (BKR)
Q1 2024 Earnings Conference Call
April 24, 2024, 09:30 AM ET
Company Participants
Chase Mulvehill - VP, IR
Lorenzo Simonelli - Chairman and CEO
Nancy Buese - CFO
Conference Call Participants
Scott Gruber - Citigroup
Arun Jayaram - JPMorgan Securities LLC
Dave Anderson - Barclays
James West - Evercore ISI
Luke Lemoine - Piper Sandler
Presentation
Operator
Good day, ladies and gentlemen, and welcome to the Baker Hughes Company First Quarter 2024 Earnings Call. At this time all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. As a reminder, this conference call is being recorded.
I would now like to introduce your host for today's conference, Mr. Chase Mulvehill, Vice President of Investor Relations. Sir, you may begin.
Chase Mulvehill
Thank you. Good morning, everyone, and welcome to Baker Hughes first quarter earnings conference call. Here with me are Chairman and CEO, Lorenzo Simonelli; and our CFO, Nancy Buese. The earnings release we issued yesterday evening can be found on our website at bakerhughes.com. We will also be using a presentation with our prepared remarks during this webcast, which can be found on our investor website.
As a reminder, during the course of this conference call, we will be providing forward-looking statements. These statements are not guarantees of future performance and involve a number of risks and assumptions. Please review our SEC filings and website for the factors that could cause actual results to differ materially. Reconciliations of operating income and other GAAP to non-GAAP measures can be found in our earnings release.
With that, I'll turn the call over to Lorenzo.
Lorenzo Simonelli
Thank you, Chase. Good morning, everyone, and thanks for joining us.
We are pleased with our solid first quarter results as we continue to build on the momentum from last year and shape our company. The resilience of our order book and margin progress in both OFSE and IET put us on a path towards achieving our full year guidance and overcoming external volatility.
Overall, EBITDA margins continued to demonstrate strong year-over-year growth, increasing by 100 basis points. The margin upside was attributed to IET, where both Gas Tech Equipment and Industrial demonstrated strong performance.
As highlighted on Slide 4, we've had a positive start to the year on the orders front. This is particularly evident in IET, where we booked over $2.9 billion of orders during the quarter, including large awards from Aramco for the Master Gas System 3 and Black & Veatch for Cedar LNG....
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Baker Hughes Company (BKR) Q1 2024 Earnings Call Transcript