By Kelly Cloonan
Baker Hughes logged lower earnings and flat revenue in the first quarter as sales in its oilfield services and equipment segment fell.
The company on Tuesday posted a profit of $402 million, or 40 cents a share, compared with $455 million, or 45 cents a share, a year earlier.
Adjusted earnings per share were 51 cents. Analysts polled by FactSet expected 47 cents per share.
Revenue was up less than 1% at $6.43 billion, and missed analysts' forecast of $6.5 billion, according to FactSet.
The company's industrial and energy-technology unit posted revenue of $2.93 billion, up 11% from last year, while sales in its oilfield services and equipment segment fell 8% to $3.5 billion.
Overall, orders declined in the quarter to $6.46 billion, down 14% sequentially and 1% from a year earlier.
Chief Executive Lorenzo Simonelli said the company's strong pipeline of liquefied natural gas, gas infrastructure and floating production storage and offloading projects support its order outlook for this year.
Simonelli also said the company's outlook is tempered by broader macro and trade policy uncertainty.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
April 22, 2025 17:37 ET (21:37 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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