Baker Hughes Co. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Baker Hughes Co. has submitted its Q1 2024 10-Q filing, detailing financial performance and operational status.</b>

AI Summary

Baker Hughes Co (BKR) filed a Quarterly Report (10-Q) with the SEC on April 24, 2024. Baker Hughes Co. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's fiscal year ends on December 31. Baker Hughes Co. is classified under the SIC code 3533 for Oil & Gas Field Machinery & Equipment. The company's principal business address is 575 North Dairy Ashford Road, Suite 100, Houston, TX 77079-1121.

Why It Matters

For investors and stakeholders tracking Baker Hughes Co, this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial data for Baker Hughes Co., crucial for understanding its performance in the oil and gas equipment sector during the first quarter of 2024. The detailed financial statements and disclosures within this report are essential for evaluating the company's current financial health, operational efficiency, and future prospects in a dynamic energy market.

Risk Assessment

Risk Level: low — Baker Hughes Co shows low risk based on this filing. The risk is low as this is a standard quarterly filing (10-Q) and does not contain any immediate or significant new disclosures that would alter the company's risk profile based on the provided header information.

Analyst Insight

Monitor future filings for detailed financial results and management commentary to assess performance trends and strategic initiatives.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-04-24 — Filing Date (Filed as of date)
• 12/31 — Fiscal Year End (Fiscal year end)
• 3533 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• Baker Hughes Co (company) — Filer name
• Baker Hughes a GE Co (company) — Former company name
• Bear Newco, Inc. (company) — Former company name
• 0001701605 (company) — Central Index Key
• 3533 (industry) — Standard Industrial Classification
• DE (jurisdiction) — State of incorporation
• 713-439-8600 (phone) — Business phone number
• 2024-03-31 (date) — Conformed period of report

FAQ

Industry Context

Baker Hughes operates in the oil and gas equipment and services industry, a sector critical to global energy production and infrastructure.

Regulatory Implications

As a publicly traded company, Baker Hughes Co. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly reports (10-Q).

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements, including revenue, net income, and balance sheet information.
2. Analyze management's discussion and analysis (MD&A) for insights into operational performance and future outlook.
3. Compare Q1 2024 results with previous periods and industry benchmarks to identify trends and assess competitive positioning.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-04-24: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing for the first quarter of 2024. Comparisons to prior periods will be available within the full document.

Key Financial Figures

• $0.0001 — stered Class A Common Stock, par value $0.0001 per share BKR The Nasdaq Stock Market L

Filing Documents

• bkr-20240331.htm (10-Q) — 878KB
• bkr20240331exhibit311.htm (EX-31.1) — 10KB
• bkr20240331exhibit312.htm (EX-31.2) — 10KB
• bkr20240331exhibit32.htm (EX-32) — 15KB
• 0001701605-24-000067.txt (&nbsp;) — 6780KB
• bkr-20240331.xsd (EX-101.SCH) — 51KB
• bkr-20240331_cal.xml (EX-101.CAL) — 80KB
• bkr-20240331_def.xml (EX-101.DEF) — 351KB
• bkr-20240331_lab.xml (EX-101.LAB) — 651KB
• bkr-20240331_pre.xml (EX-101.PRE) — 489KB
• bkr-20240331_htm.xml (XML) — 837KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Consolidated Statements of Income (Loss) (Unaudited) - Three months ended March 31, 2024 and 2023 1 Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - Three months ended March 31, 2024 and 2023 2 Condensed Consolidated Statements of Financial Position (Unaudited) - March 31, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Changes in Equity (Unaudited) - Three months ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows (Unaudited) - Three months ended March 31, 2024 and 2023 5 Notes to Unaudited Condensed Consolidated Financial Statements 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 31 PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32 Item 3. Defaults Upon Senior Securities 32 Item 4. Mine Safety Disclosures 32 Item 5. Other Information 33 Item 6. Exhibits 33

Signatures

Signatures 34 Baker Hughes Company 2024 First Quarter Form 10-Q | i

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) Baker Hughes Company Condensed Consolidated Statements of Income (Loss) (Unaudited) Three Months Ended March 31, (In millions, except per share amounts) 2024 2023 Revenue: Sales of goods $ 3,999 $ 3,484 Sales of services 2,419 2,232 Total revenue 6,418 5,716 Costs and expenses: Cost of goods sold 3,401 2,982 Cost of services sold 1,739 1,585 Selling, general and administrative 618 655 Restructuring, impairment and other 7 56 Total costs and expenses 5,765 5,278 Operating income 653 438 Other non-operating income, net 29 386 Interest expense, net ( 41 ) ( 64 ) Income before income taxes 641 760 Provision for income taxes ( 178 ) ( 179 ) Net income 463 581 Less: Net income attributable to noncontrolling interests 8 5 Net income attributable to Baker Hughes Company $ 455 $ 576 Per share amounts: Basic income per Class A common stock $ 0.46 $ 0.57 Diluted income per Class A common stock $ 0.45 $ 0.57 Cash dividend per Class A common stock $ 0.21 $ 0.19 See accompanying Notes to Unaudited Condensed Consolidated Financial Statements. Baker Hughes Company 2024 First Quarter Form 10-Q | 1 Baker Hughes Company Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) Three Months Ended March 31, (In millions) 2024 2023 Net income $ 463 $ 581 Less: Net income attributable to noncontrolling interests 8 5 Net income attributable to Baker Hughes Company 455 576 Other comprehensive income (loss): Foreign currency translation adjustments ( 63 ) ( 61 ) Cash flow hedges 2 ( 1 ) Benefit plans 2 7 Other comprehensive loss ( 59 ) ( 55 ) Less: Other comprehensive loss attributable to noncontrolling interests — — Other comprehensive loss attributable to Baker Hughes Company ( 59 ) ( 55 ) Comprehensive income 404 526 Less: Comprehensive income attributable to noncontrolling interests 8 5 Comprehensive income attributable to Baker Hughes Company $ 396 $ 521 See a

View Full Filing

View this 10-Q filing on SEC EDGAR