Baker Hughes (BKR) shares dropped 5.24% in pre-market trading on Wednesday following the release of its first-quarter 2025 financial results. The oilfield services giant reported mixed performance, with earnings surpassing expectations but revenues falling short of estimates.

The company posted adjusted earnings of 51 cents per share, outpacing the Zacks Consensus Estimate of 47 cents and improving from 43 cents in the year-ago quarter. However, total revenues of $6,427 million missed the consensus estimate of $6,512 million, despite a slight increase from $6,418 million in the same period last year.

Baker Hughes' performance varied across its two main segments. The Oilfield Services and Equipment (OFSE) unit saw an 8% year-over-year decline in revenues to $3,499 million, while the Industrial & Energy Technology (IET) segment reported an 11% increase to $2,928 million. The company's free cash flow generation also declined to $454 million from $502 million a year ago. Despite the mixed results, Baker Hughes maintained a strong balance sheet with $3,277 million in cash and cash equivalents as of March 31, 2025.