Baker Hughes Co. (NASDAQ:BKR) shares rose Friday, gaining about 4% after the oilfield services provider reported first-quarter results that topped expectations, driven by solid execution and portfolio moves.
Quarterly Highlights
Baker Hughes reported first-quarter adjusted earnings per share of 58 cents, beating the analyst consensus estimate of 49 cents. Quarterly sales of $6.587 billion outpaced the Street view of $6.335 billion.
Revenues had a slight year-over-year increase of 2%, while net income surged 131% to $930 million.
The company emphasized its ongoing portfolio management strategy, including the divestiture of Waygate Technologies, which is expected to generate approximately $3 billion in gross proceeds this year.
“Despite significant disruptions in …
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