Baker Hughes Q1 2022 Earnings Report
Key Takeaways
Baker Hughes announced first quarter 2022 results, with orders up 51% year-over-year and revenue up 1%. The company reported GAAP earnings per share of $0.08 and adjusted earnings per share of $0.15. Despite a favorable oil and gas price backdrop, the company faces a dynamic operating environment with inflation and supply pressures.
Orders increased by 51% year-over-year, driven by strong performance in Oilfield Equipment and Turbomachinery & Process Solutions.
Revenue increased by 1% year-over-year, primarily due to higher volume in Oilfield Services.
GAAP operating income increased by 70% year-over-year, while adjusted operating income increased by 29%.
The company is optimistic about the outlook across its core business areas and is making new energy investments.
Baker Hughes
Baker Hughes
Baker Hughes Revenue by Segment
Forward Guidance
Baker Hughes anticipates a favorable oil and gas price backdrop but also a dynamic operating environment. The company is optimistic on the outlook across both of its core business areas and excited about the new energy investments they are making.
Positive Outlook
- Favorable oil and gas price backdrop
- Extended cyclical recovery in upstream oil & gas
- Longer-term structural growth trends in LNG
- New energy investments
- Industrial asset management
Challenges Ahead
- Broad-based inflation
- Supply pressures for key materials
- Commodities pressures
- Labor pressures
- Geopolitical events exacerbating trends