Press release
Baker Hughes Company Announces First Quarter 2023 Results
Orders of $7.6 billion for the quarter, up 12% year-over-year.Revenue of $5.7 billion for the quarter, up 18% year-over-year.GAAP operating income of $438
About this update from Baker Hughes Company
[{"type":"text","content":"Orders of $7.6 billion for the quarter, up 12% year-over-year.Revenue of $5.7 billion for the quarter, up 18% year-over-year.GAAP operating income of $438 million for the quarter, up $160 million year-over-year.Adjusted operating income (a non-GAAP measure) of $512 million for the quarter, up 47% year-over-year.Adjusted EBITDA* (a non-GAAP measure) of $782 million for the quarter, up 25% year-over-year.GAAP diluted earnings per share of $0.57 for the quarter which included $0.28 per share of adjusting items. Adjusted diluted earnings per share (a non-GAAP measure) was $0.28.Cash flows generated from operating activities were $461 million for the quarter. Free cash flow (a non-GAAP measure) for the quarter was $197 million.The Company presents its financial results in accordance with GAAP. However, management believes that using additional non-GAAP measures will enhance the evaluation of the profitability of the Company and its ongoing operations. Please see reconciliations in the section entitled \"Reconciliation of GAAP to non-GAAP Financial Measures.\" Certain columns and rows in our tables and financial statements may not sum up due to the use of rounded numbers.*Adjusted EBITDA (a non-GAAP measure) is defined as operating income excluding depreciation & amortization and operating income adjustments. HOUSTON and LONDON, April 19, 2023 (GLOBE NEWSWIRE) -- Baker Hughes Company (Nasdaq: BKR) (\"Baker Hughes\" or the \"Company\") announced results today for the first quarter of 2023. Three Months Ended Variance(in millions except per share amounts)March 31, 2023December 31, 2022March 31, 2022 SequentialYear-over-yearOrders$7,632$8,009$6,837 (5)%12%Revenue 5,716 5,905 4,835 (3)%18%Operating income 438 663 279 (34)%57%Adjusted operating income (non-GAAP) 512 692 348 (26)%47%Adjusted EBITDA (non-GAAP) 782 947 625 (17)%25%Net income attributable to Baker Hughes 576 182 72 FFAdjusted net income (non-GAAP) attributable to Baker Hughes 289 381 145 (24)%99%EPS attributable to Class A shareholders 0.57 0.18 0.08 FFAdjusted EPS (non-GAAP) attributable to Class A shareholders 0.28 0.38 0.15 (25)%85%Cash flow from operating activities 461 898 72 (49)%FFree cash flow (non-GAAP) 197 657 (105) (70)%F \"F\" is used in most instances when variance is above 100%. Additionally, \"U\" is used in most instances when variance is below (100)%. “We were...