Baker Hughes Q1 Profit Tops Estimates at $930M; IET Orders Reach $4.9B
Baker Hughes posted Q1 profit of $930 million (93¢ per share) and adjusted EPS of 58¢, topping estimates of 50¢ on $6.59 billion revenue. Record IET orders of $4.9 billion lifted book-to-bill to 1.5× and backlog to $33.1 billion, and portfolio sales including Waygate and PSI are expected to yield $3 billion.
1. Strong First-Quarter Financial Performance
Baker Hughes reported net income of $930 million, or 93¢ per share, and adjusted EPS of 58¢ in Q1, beating consensus of 50¢. Revenue totaled $6.59 billion, up 2% year-over-year and surpassing the $6.34 billion forecast, driven by robust end-market demand.
2. Record IET Orders and Backlog
The Industrial & Energy Technology division secured record orders of $4.9 billion, marking a third straight quarter above $4 billion. This lifted the segment’s book-to-bill ratio to 1.5× and drove overall backlog to a record $33.1 billion.
3. Portfolio Management and Divestitures
The company closed a surface pressure control JV with Cactus for $344.5 million proceeds while retaining a 35% stake, completed the sale of its PSI product line for $1.15 billion, saw HMH raise $200 million in an IPO, and agreed to sell Waygate Technologies for $1.45 billion, positioning to generate roughly $3 billion this year.
4. Outlook Supported by Energy Security Trends
Management left its full-year fundamentals outlook intact, noting that disruptions in the Middle East underscore energy security priorities. The firm expects structural growth in upstream and infrastructure spending and remains confident in its strategy to deliver long-term shareholder value.