Baker Hughes Company reported a slight increase in total revenue for the first quarter of 2025, reaching $6.427 billion, up from $6.418 billion in the same period last year. The company's sales of goods rose to $4.144 billion, while sales of services decreased to $2.283 billion. Net income for the quarter was $409 million, a decrease from $463 million in the first quarter of 2024, primarily attributed to losses in the fair value of equity securities compared to gains in the previous year. Basic earnings per share were $0.41, down from $0.46 a year earlier.
The financial performance reflects a mixed operational landscape. The Oilfield Services & Equipment (OFSE) segment saw a revenue decline of $285 million to $3.499 billion, driven by lower international and North American activity. In contrast, the Industrial & Energy Technology (IET) segment experienced an increase in revenue of $294 million, totaling $2.928 billion, largely due to growth in Gas Technology Equipment and Climate Technology Solutions. The overall decrease in net income was partially offset by improved margins across both segments and increased volume in IET.
Baker Hughes has continued to implement strategic initiatives aimed at enhancing operational efficiency and modernizing its business practices. The company reported a reduction in selling, general, and administrative expenses by 7% to $577 million, reflecting ongoing cost optimization efforts. Additionally, the company returned $417 million to shareholders through dividends and share repurchases during the quarter, including an increase in the quarterly dividend to $0.23 per share.
Operationally, Baker Hughes employed approximately 57,000 employees as of March 31, 2025, maintaining a stable workforce. The company reported a total of $33.2 billion in remaining performance obligations, indicating a robust pipeline of future revenue. However, the company anticipates challenges in the macroeconomic environment, including geopolitical tensions and fluctuating oil prices, which may impact spending in the oil and gas sector.
Looking ahead, Baker Hughes expects continued resilience in the natural gas market while anticipating a softening in the global oil outlook. The company plans to focus on optimizing mature fields and expanding its capabilities in new energy solutions, including hydrogen and carbon capture technologies. The outlook remains cautious, with expectations for lower upstream spending in 2025 compared to 2024, influenced by current market conditions and uncertainties.
About Baker Hughes Co
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