2023-04-19 10:39:59 ET
Baker Hughes ( NASDAQ: BKR ) +1.8% in early Wednesday trading after reporting better than forecast Q1 adjusted earnings and revenues , helped by higher demand for its services from oil and natural gas producers.
Q1 net income surged eight-fold to $576M, or $0.57/share, from $72M, or $0.08/share, in the year-earlier quarter, while revenues rose 18.2% Y/Y to $5.72B
Q1 orders increased 11.6% Y/Y to $7.63B, as Oilfield Services & Equipment orders jumped 25.4% to $4.1B and Industrial & Energy Technology orders fell 1% to $3.53B.
Q1 revenues in Oilfield Services & Equipment rose 19% Y/Y to $3.57B, and Industrial & Energy Technology revenues gained 18% to $2.14B; North American revenues jumped 20% Y/Y, while international revenues climbed 18%.
For Q2, Baker Hughes ( BKR ) guided for revenues of $6.1B-$6.5B and adjusted EBITDA of $845M-$905M.
For the full year, the company guided for revenues of $24B-$26B and adjusted EBITDA of $3.6B-$3.8B.
Results were "very positive," and the midpoint of Q2 guidance topped Wall Street estimates, Piper Sandler analyst Luke Lemoine said, according to Bloomberg.
"We continue to believe that the current environment remains unique, with a spending cycle that is more durable and less sensitive to commodity price swings, relative to prior cycles," Chairman and CEO Lorenzo Simonelli said.
Baker Hughes ( BKR ) stock price return has gained 4.5% so far this year but lost 18% during the past year .
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Baker Hughes heads higher after Q1 beat; oilfield services orders up 25%