Q1 24 EPS
$0.43
BEAT +7.50%
Est. $0.40
Q1 24 Revenue
$6.42B
BEAT +0.78%
Est. $6.37B
vs S&P Since Q1 24
+55.8%
BEATING MARKET
BKR +105.2% vs S&P +49.4%
Market Reaction
Did BKR Beat Earnings? Q1 2024 Results
Baker Hughes kicked off 2024 with a convincing beat on both the top and bottom lines, reporting first-quarter earnings per share of $0.43 against a consensus estimate of $0.40, a 7.50% beat, while revenue of $6.42 billion edged past the $6.37 billion… Read more Baker Hughes kicked off 2024 with a convincing beat on both the top and bottom lines, reporting first-quarter earnings per share of $0.43 against a consensus estimate of $0.40, a 7.50% beat, while revenue of $6.42 billion edged past the $6.37 billion forecast and climbed 12.3% year over year. The standout driver was the Industrial & Energy Technology segment, where revenue surged 23% year over year to $2.63 billion, fueled by a 46% jump in Gas Technology Equipment revenue as global demand for turbomachinery and liquefaction systems accelerated; the segment's operating income rose 37% to $330 million. Adjusted EBITDA reached $943 million, up 21% from a year ago, and the company generated $502 million in free cash flow while returning $368 million to shareholders through dividends and buybacks, raising its quarterly dividend 11% to $0.21 per share. With a remaining performance obligation backlog of $32.70 billion, heavily weighted toward IET, and management affirming the company exceeded its EBITDA margin guidance midpoint, Baker Hughes signaled confidence it remains on track to meet full-year targets.
Key Takeaways
- • Higher volume and pricing in both IET and OFSE segments
- • Structural cost-out initiatives
- • Gas Technology Equipment revenue surged 46% year-over-year
- • Exceeded midpoint of EBITDA margin guidance
- • Strong IET operational performance
BKR YoY Financials
Q1 2024 vs Q1 2023, source: SEC Filings
BKR Revenue by Segment
With YoY comparisons, source: SEC Filings
BKR Revenue by Geography
With YoY comparisons, source: SEC Filings
“2024 has gotten off to a good start for Baker Hughes. Our solid first quarter results put us on a path toward achieving our full-year guidance and continue to build on the momentum from last year as we execute our strategy.”
— Lorenzo Simonelli, Q1 2024 Earnings Press Release
BKR Earnings Trends
BKR vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
BKR EPS Trend
Earnings per share: estimate vs actual
BKR Revenue Trend
Quarterly revenue: estimate vs actual
BKR Quarterly Results
9 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 26 BEAT FY | $0.67 | $0.78 | +16.73% | $7.39B | +4.30% |
| FY Full Year | — | $2.60 | — | $27.73B | — |
| Q1 26 BEAT | $0.49 | $0.58 | +17.50% | $6.59B | +4.09% |
| Q3 25 BEAT | $0.62 | $0.68 | +9.78% | $7.01B | +2.63% |
| Q2 25 BEAT | $0.55 | $0.63 | +13.68% | $6.91B | +4.21% |
| Q1 25 BEAT | $0.47 | $0.51 | +7.59% | $6.43B | -1.15% |
| Q4 24 BEAT FY | $0.63 | $0.70 | +11.86% | $7.36B | +4.15% |
| FY Full Year | — | $2.35 | — | $27.83B | — |
| Q3 24 BEAT | $0.61 | $0.67 | +9.84% | $6.91B | -4.27% |
| Q2 24 BEAT | $0.49 | $0.57 | +16.33% | $7.14B | +4.91% |
| Q1 24 BEAT | $0.40 | $0.43 | +7.50% | $6.42B | +0.78% |