AI English summary of an SEC filing — figures as filed
Baker Hughes BKRThe company said revenue for Q1 2024 was $6,418 million, compared with $5,716 million a year earlier, an increase of $702 million or 12%. It cited higher volume in IET on Gas Technology Equipment project backlog execution and better activity in OFSE as the drivers of the increase.
Key points
AI summaryThe company said revenue for Q1 2024 was $6,418 million, compared with $5,716 million a year earlier, an increase of $702 million or 12%. It cited higher volume in IET on Gas Technology Equipment project backlog execution and better activity in OFSE as the drivers of the increase.
Baker Hughes said income before tax for Q1 2024 was $641 million, compared with $760 million a year earlier, a decrease of $119 million. The company cited the decline in the positive effect from the change in fair value of certain equity securities as the main factor, partly offset by higher volume and price in both segments and structural cost-out initiatives.
The company said OFSE revenue for Q1 2024 was $3,783 million, up 6%, and OFSE operating income was $422 million, compared with $371 million a year earlier. It said IET revenue was $2,634 million, up 23%, and IET operating income was $330 million, compared with $241 million a year earlier.
Baker Hughes said cash flow from operating activities for Q1 2024 was $784 million, compared with $461 million a year earlier. It also said it paid dividends of $210 million and repurchased 5.4 million Class A shares for $158 million in the same quarter.
Key figures
Quarter ended March 31, 2024
- Revenue
- $6.4B
- Operating income
- $653M
- Net income
- $455M
- Operating cash flow
- $784M
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.
Revenue of $6,418 million for Q1 2024
The company said revenue for Q1 2024 was $6,418 million, compared with $5,716 million a year earlier, an increase of $702 million or 12%. It cited higher volume in IET on Gas Technology Equipment project backlog execution and better activity in OFSE as the drivers of the increase.
Source · Based on the MD&A text of the filing
Income before tax of $641 million, down $119 million
Baker Hughes said income before tax for Q1 2024 was $641 million, compared with $760 million a year earlier, a decrease of $119 million. The company cited the decline in the positive effect from the change in fair value of certain equity securities as the main factor, partly offset by higher volume and price in both segments and structural cost-out initiatives.
Source · Based on the MD&A text of the filing
OFSE and IET Segment Revenue and Operating Income
The company said OFSE revenue for Q1 2024 was $3,783 million, up 6%, and OFSE operating income was $422 million, compared with $371 million a year earlier. It said IET revenue was $2,634 million, up 23%, and IET operating income was $330 million, compared with $241 million a year earlier.
Source · Based on the MD&A text of the filing
Operating Cash Flow of $784 million and Shareholder Returns
Baker Hughes said cash flow from operating activities for Q1 2024 was $784 million, compared with $461 million a year earlier. It also said it paid dividends of $210 million and repurchased 5.4 million Class A shares for $158 million in the same quarter.
Source · Based on the MD&A text of the filing
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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