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Baker Hughes Co Class A - Stock Quote BKR

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Morningstar's Baker Hughes Co Class A Stock Analysis

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Baker Hughes' Results Take a Step Back in Q1

Preston Caldwell Senior Analyst

Analyst Note

| Preston Caldwell |

After several quarters of impressive gains, Baker Hughes' results took a step back in the first quarter 2022. Revenue dropped 12% sequentially, driven mainly by the Turbomachinery segment, which experienced a seasonal drop in revenue even larger than last year's first quarter. As a result, Turbomachinery segment revenue was down 9% year over year, though this was offset by a 13% increase in the Oilfield Service segment, leaving companywide revenue flat year over year. Adjusted operating margins of 7.2% were also down sequentially, though up about 160 basis points from the prior year quarter. Our fair value and no-moat rating are unchanged following the results.

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Baker Hughes Co Class A's Company Profile

Business Description

Baker Hughes in its current form originated in 2017 from the merger of Baker Hughes with GE Oil & Gas. Baker Hughes’ history of oilfield innovation stretches back over a century, and with the combination with GE, the company now can offer the full spectrum of services to oil and gas companies, from upstream to downstream.

17021 Aldine Westfield Road
Houston, TX, 77073-5101
T +1 713 439-8600
Sector Energy
Industry Oil & Gas Equipment & Services
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Hard Assets
Employees 55,000

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