贝克休斯：持续的不确定性以及近期油价的波动对下半年美国陆上油气开发活动可能构成下行风险。 ...

Core Insights - Baker Hughes Company (BKR) reported first-quarter 2025 adjusted earnings of 51 cents per share, exceeding the Zacks Consensus Estimate of 47 cents and improving from 43 cents a year ago [1] - Total quarterly revenues were $6,427 million, slightly missing the Zacks Consensus Estimate of $6,512 million but increasing from $6,418 million in the previous year [1] Segment Performance - The company reorganized into two operating segments: Oilfield Services and Equipment (OFSE) and Industrial and Energy Technology (IET) [3] - Revenues from the OFSE unit were $3,499 million, down 8% from $3,783 million a year ago and below the estimate of $3,598 million [3] - EBITDA from the OFSE segment totaled $623 million, down 3% from $644 million in Q1 2024, attributed to lower volume despite productivity improvements [4] - Revenues from the IET unit were $2,928 million, up 11% from $2,634 million a year ago and beating the estimate of $2,896 million [4] - EBITDA from the IET segment was $501 million, up 30% from $386 million in the previous year, driven by productivity and increased volume [5] Financial Overview - Total costs and expenses for the first quarter were $5,866 million, up from $5,777 million a year ago, and slightly below the projection of $5,874.7 million [6] - Orders from all business segments amounted to $6,459 million, down 1% from $6,542 million a year ago, primarily due to lower order intake in the OFSE segment [7] - Free cash flow generated was $454 million, compared to $502 million a year ago [8] - Net capital expenditure in the first quarter was $255 million, with cash and cash equivalents of $3,277 million as of March 31, 2025 [9] - Long-term debt stood at $5,969 million, with a debt-to-capitalization ratio of 25.9% [9] Market Position - Baker Hughes currently holds a Zacks Rank 3 (Hold) [10] - Other energy sector stocks with better rankings include Archrock Inc. (AROC) with a Zacks Rank 1 (Strong Buy), and Kinder Morgan, Inc. (KMI) and Enterprise Products Partners L.P. (EPD), both with a Zacks Rank 2 (Buy) [11]

Core Viewpoint - Baker Hughes (BKR) reported quarterly earnings of $0.51 per share, exceeding the Zacks Consensus Estimate of $0.47 per share, and showing an increase from $0.43 per share a year ago, indicating a positive earnings surprise of 8.51% [1][2] Financial Performance - The company posted revenues of $6.43 billion for the quarter ended March 2025, which was slightly below the Zacks Consensus Estimate by 1.31%, and comparable to year-ago revenues of $6.42 billion [2] - Over the last four quarters, Baker Hughes has surpassed consensus EPS estimates four times and topped consensus revenue estimates two times [2] Stock Performance - Baker Hughes shares have declined approximately 7.9% since the beginning of the year, while the S&P 500 has seen a decline of 12.3% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.59 on revenues of $6.86 billion, and for the current fiscal year, it is $2.53 on revenues of $27.73 billion [7] - The outlook for the Oil and Gas - Field Services industry is positive, ranking in the top 34% of over 250 Zacks industries, suggesting that stocks in the top 50% outperform those in the bottom 50% by more than 2 to 1 [8]

Financial Performance - Revenue for the quarter was $6.4 billion, consistent year-over-year, but a decrease of 13% sequentially [20]. - Attributable net income was $402 million, down 66% sequentially and 12% year-over-year [5]. - Adjusted EBITDA for the quarter was $1,037 million, up 10% year-over-year but down 21% sequentially [23]. - OFSE revenue for Q1 2025 was $3,499 million, down 10% sequentially and 8% year-over-year [30]. - IET revenue for Q1 2025 was $2,928 million, an increase of 11% year-over-year, led by Gas Technology Equipment, which rose 20% [33]. - Adjusted net income attributable to Baker Hughes for Q1 2025 was $509 million, compared to $694 million in Q1 2024 [38]. - Revenue for the three months ended March 31, 2025, was $6,427 million, a slight increase from $6,418 million in the same period of 2024, representing a growth of 0.14% [41]. - Net income attributable to Baker Hughes Company for Q1 2025 was $402 million, down from $455 million in Q1 2024, reflecting a decrease of 11.65% [41]. - Basic income per Class A common stock decreased to $0.41 in Q1 2025 from $0.46 in Q1 2024, a decline of 10.87% [41]. Orders and Backlog - Total orders for the first quarter of 2025 were $6.5 billion, including $3.2 billion from the Industrial & Energy Technology (IET) segment [5]. - Remaining Performance Obligations (RPO) totaled $33.2 billion, with IET RPO at a record $30.4 billion [25]. - OFSE orders for Q1 2025 were $3,281 million, a decrease of 12% sequentially and 9% year-over-year [30]. - IET orders for Q1 2025 increased to $3,178 million, up 9% year-over-year, driven by a 17% increase in Gas Technology [33]. Cash Flow and Assets - Cash flow from operating activities was $709 million, while free cash flow was $454 million [26]. - Free cash flow for Q1 2025 was $454 million, down from $894 million in Q1 2024 [39]. - Total current assets decreased to $16,841 million as of March 31, 2025, from $17,211 million at the end of 2024, a reduction of 2.15% [44]. - Cash and cash equivalents at the end of Q1 2025 were $3,277 million, down from $3,364 million at the end of 2024, a decrease of 2.58% [44]. - Net cash flows provided by operating activities for Q1 2025 were $709 million, compared to $784 million in Q1 2024, a decline of 9.55% [46]. Dividends and Shareholder Returns - Dividends paid in Q1 2025 increased to $229 million from $210 million in Q1 2024, an increase of 9.05% [46]. - The company reported a total of 990 million outstanding Class A common stock shares as of March 31, 2025, unchanged from the previous period [44]. Segment Performance - Segment EBITDA for Q1 2025 was $623 million, a decrease of 18% sequentially, primarily due to lower volume [31]. - Segment EBITDA for IET was $501 million in Q1 2025, reflecting a 30% increase year-over-year due to productivity and positive pricing [34]. - EBITDA margin for OFSE was 17.8% in Q1 2025, down from 19.5% in Q4 2024 [30]. Strategic Developments - The company secured a liquefaction train award from Bechtel for a North America LNG project, enhancing its LNG leadership position [9]. - Baker Hughes signed strategic agreements with LNG operators, including NextDecade and Argent LNG, to provide gas turbines and refrigerant compressor technology [10]. - The company made significant progress in deploying sustainable power solutions for data centers, including over 350 MW of NovaLT™ turbines [12]. - Baker Hughes received a multi-year contract from ExxonMobil Guyana for specialty chemicals and related services in offshore developments [16]. Research and Development - Research and development costs decreased to $146 million in Q1 2025 from $164 million in Q1 2024, a reduction of 10.98% [41]. Liabilities - Total liabilities decreased to $20,880 million as of March 31, 2025, from $21,020 million at the end of 2024, a decrease of 0.67% [44].

Core Insights - Baker Hughes reported strong first-quarter results for 2025, achieving multiple records and demonstrating resilience despite macroeconomic challenges [2][3] - The company is focused on operational transformation and margin improvement across its segments, positioning itself for sustainable growth [3][4] Financial Performance - Total orders for the quarter were $6.5 billion, with $3.2 billion coming from the Industrial & Energy Technology (IET) segment [6] - Revenue for the quarter was $6.4 billion, consistent year-over-year, while net income attributable to Baker Hughes was $402 million, a decrease of 66% sequentially [5][6] - Adjusted net income was $509 million, down 27% sequentially but up 19% year-over-year, with adjusted EBITDA at $1,037 million, reflecting a 10% increase year-over-year [5][6][22] Segment Performance - In the IET segment, orders totaled $3.2 billion, including significant contracts in LNG and data center power solutions, while revenue was $2.9 billion, up 11% year-over-year [4][33] - The Oilfield Services & Equipment (OFSE) segment saw orders of $3.3 billion, down 12% sequentially, with revenue of $3.5 billion, a decrease of 10% sequentially [30][31] Strategic Developments - Baker Hughes expanded its leadership in LNG with a liquefaction train award from Bechtel and secured key agreements for gas turbine technology with LNG operators [8][9] - The company is advancing its commitment to sustainable power solutions, particularly for data centers, through partnerships aimed at carbon capture and storage [11][12] Market Outlook - Despite broader macroeconomic uncertainties, Baker Hughes remains confident in its strategy and the resilience of its portfolio, aiming for sustainable growth in shareholder value [4][3] - The company’s remaining performance obligations (RPO) stood at $33.2 billion, with a record IET RPO of $30.4 billion, indicating a strong order backlog [24][6]

Core Viewpoint - Baker Hughes (BKR) is expected to report first-quarter 2025 results on April 22, with adjusted earnings of 70 cents per share in the last quarter, surpassing the Zacks Consensus Estimate of 63 cents, driven by improved operational performance and EBITDA margin [1] Earnings Estimates - The Zacks Consensus Estimate for first-quarter earnings per share is 47 cents, reflecting four downward revisions and no upward revisions in the past 30 days, indicating a 9.3% improvement from the prior year's figure [2] - The estimated revenue for the first quarter is $6.5 billion, representing a 1.5% increase from the previous year [2] Market Factors - Average WTI spot prices for January, February, and March were $75.74, $71.53, and $68.24 per barrel, respectively, indicating a favorable pricing environment for exploration and production companies [3] - The advantageous crude pricing environment is expected to boost demand for oilfield services, with a predicted 1.1% year-over-year increase in BKR's EBITDA from the Oilfield Services and Equipment segment [4] Earnings Whispers - The model indicates a strong likelihood of an earnings beat for BKR, supported by a positive Earnings ESP of +0.95% and a Zacks Rank of 3 [5] Comparable Stocks - Valero Energy Corporation (VLO) has an Earnings ESP of +26.00% and a Zacks Rank of 3, with earnings expected to be $1.57 per share, a 58.9% decrease from the prior year [7] - EQT Corporation (EQT) has an Earnings ESP of +0.78% and a Zacks Rank of 3, with earnings estimated at $1.01 per share, a 23.2% increase from the prior year [9] - Antero Resources Corporation (AR) has an Earnings ESP of +7.65% and a Zacks Rank of 1, with earnings expected at 83 cents per share, indicating a significant 1086% improvement from the prior year [10]

Core Viewpoint - Wall Street anticipates a year-over-year increase in earnings for Baker Hughes, driven by higher revenues, with a focus on how actual results compare to estimates impacting stock price [1][2] Earnings Expectations - Baker Hughes is expected to report quarterly earnings of $0.47 per share, reflecting a +9.3% year-over-year change, with revenues projected at $6.51 billion, up 1.5% from the previous year [3] Estimate Revisions - The consensus EPS estimate has been revised 1.45% lower in the last 30 days, indicating a reassessment by analysts [4] Earnings Surprise Prediction - The Zacks Earnings ESP model suggests that the Most Accurate Estimate is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +0.95%, indicating a likelihood of beating the consensus EPS estimate [10][11] Historical Performance - Baker Hughes has consistently beaten consensus EPS estimates, achieving this in the last four quarters, including a +11.11% surprise in the most recent quarter [12][13] Investment Considerations - While a positive earnings surprise is a strong indicator of potential stock performance, other factors may also influence stock movement post-earnings release [14][16]

Industry Overview - The Zacks Oil and Gas - Field Services industry is facing a challenging outlook due to a volatile pricing environment for commodities, driven by rising trade tensions and strict capital management by upstream energy firms, which is diminishing the demand for oilfield services [1][4] - Companies in this sector must navigate the evolving landscape of energy transition to succeed, as failing to meet energy transition objectives could adversely impact their cash flow [1][6] - The industry comprises companies providing support services to exploration and production players, including manufacturing, repairing, and maintaining wells, drilling equipment, and seismic testing [3] Current Trends - The demand for oilfield services is closely tied to exploration and production activities, making companies like SLB and Halliburton susceptible to the uncertainties caused by volatile oil and gas prices, particularly due to the US-China trade war [4] - There has been a slowdown in drilling activities as upstream players prioritize stockholder returns over boosting output, leading to lower demand for oilfield services [5] - Companies must efficiently tackle the decarbonization of oil and gas operations while adopting low-carbon technologies to navigate the energy transition successfully [6] Industry Performance - The Zacks Oil and Gas - Field Services industry currently holds a Zacks Industry Rank of 149, placing it in the bottom 40% of over 250 Zacks industries, indicating a bearish outlook [7][8] - Over the past year, the industry has declined by 27.1%, significantly underperforming the S&P 500, which rose by 4.7%, and the broader Zacks Oil - Energy sector, which declined by 15.2% [10] Valuation Metrics - The industry is currently trading at an EV/EBITDA ratio of 5.45X, compared to the S&P 500's 15.53X and the sector's 4.14X, indicating a lower valuation relative to the broader market [13] - Historically, the industry has traded as high as 12.87X and as low as 1.10X over the past five years, with a median of 8.24X [13] Company Insights - Archrock's acquisition of Total Operations and Production Services significantly expands its capacity and improves margins, positioning it as a leader in electrified natural gas compression [15] - Baker Hughes has a diverse business portfolio across natural gas, LNG, and clean energy, which secures steady earnings despite operational volatility, and is expanding its global presence [18] - SLB's diversified portfolio and leadership in digital technology position it for sustained growth, even as upstream investments moderate [20] - Halliburton is focusing on key growth areas that could contribute $2.5 to $3 billion in annual revenues within the next three to five years, despite industry challenges [21]

Baker Hughes (BKR) shares soared 10.7% in the last trading session to close at $38.75. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 16.4% loss over the past four weeks.Oil prices have bounced back as investors remain hopeful that an energy market downturn is unlikely, thanks to a broader market recovery following President Donald Trump's move to pause "reciprocal" tariff hikes and implement a lower 10% tariff rate for most cou ...

Core Viewpoint - Baker Hughes (BKR) is positioned well to continue its trend of beating earnings estimates, particularly in the oil and gas field services industry [1]. Earnings Performance - Baker Hughes has a strong track record of beating earnings estimates, with an average surprise of 11.39% over the last two quarters [2]. - In the most recent quarter, the company reported earnings of $0.70 per share against an expectation of $0.63, resulting in a surprise of 11.11% [2]. - For the previous quarter, Baker Hughes exceeded the consensus estimate of $0.60 per share by reporting $0.67, achieving a surprise of 11.67% [2]. Earnings Estimates and Predictions - Estimates for Baker Hughes have been trending higher, influenced by its history of earnings surprises [5]. - The company currently has a positive Zacks Earnings ESP (Expected Surprise Prediction) of +1.87%, indicating bullish sentiment among analysts regarding its near-term earnings potential [8]. - The combination of a positive Earnings ESP and a Zacks Rank of 3 (Hold) suggests a strong possibility of another earnings beat in the upcoming report [8]. Statistical Insights - Research indicates that stocks with a positive Earnings ESP and a Zacks Rank of 3 or better have a nearly 70% chance of producing a positive surprise [6]. - The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate, with the Most Accurate Estimate reflecting the latest analyst revisions [7]. Future Outlook - Baker Hughes is expected to release its next earnings report on April 22, 2025, which could further validate its positive earnings trajectory [8].