Baker Hughes Company announced its first-quarter 2025 results on April 22, 2025, beating Wall Street estimates for profit. The company reported adjusted diluted earnings per share of $0.51, an increase of 19% year-over-year, and adjusted EBITDA of $1,037 million, up 10% year-over-year. This performance was driven by strong execution and structural margin improvement across both segments.
Total revenue for the quarter was $6,427 million, flat year-over-year, but down 13% sequentially. The Industrial & Energy Technology (IET) segment saw orders of $3.2 billion, a 9% increase year-over-year, including its first data center awards totaling over 350 MW of power solutions. The Oilfield Services & Equipment (OFSE) segment's EBITDA remained resilient despite a revenue decrease.
The company highlighted new long-term LNG commitments with NextDecade and Argent LNG, providing visibility for potential orders. Baker Hughes also returned $417 million to shareholders through dividends and share repurchases, and its board declared a quarterly cash dividend of $0.23 per share.
However, Baker Hughes expressed caution regarding its financial outlook due to macroeconomic and trade policy uncertainty, estimating a net EBITDA impact from tariffs in the range of $100 million to $200 million for 2025. The company now expects global upstream spending to decline by high-single digits in 2025, with North America down low-double digits and international down mid-to-high single digits.
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