Company: BKR
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0001701605-25-000075
Chunk: 50

Company: Baker Hughes Co
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 1
Chunk 50
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 the Middle East/Asia region. North America revenue was $922 million in the first quarter of 2025, a decrease of $68 million from the first quarter of 2024.

OFSE segment EBITDA was $623 million in the first quarter of 2025 compared to $644 million in the first quarter of 2024.The reduction of EBITDA in the first quarter of 2025 was a result of overall lower volume, FX, and changes in business mix, partially offset by price and cost out initiatives.

Baker Hughes Company 2025 First Quarter Form 10-Q | 27

Industrial & Energy Technology

Three Months Ended March 31,$ Change20252024RevenueGas Technology Equipment$1,456 $1,210$246 Gas Technology Services592 614(22)Total Gas Technology2,047 1,824223 Industrial Products445 462(17)Industrial Solutions258 265(6)Total Industrial Technology703 727(24)Climate Technology Solutions178 8395 Total$2,928 $2,634$294 Cost of goods and services sold$2,112 $1,903$209 Research and development84 96(12)Selling, general and administrative and other284 305(21)Less: Depreciation and amortization(53)(56)3 Segment EBITDA$501 $386$114 

IET revenue of $2,928 million increased $294 million, or 11%, in the first quarter of 2025 compared to the first quarter of 2024. The increase was primarily in GTE and CTS, partially offset by Industrial Technology and GTS.

IET segment EBITDA was $501 million in the first quarter of 2025 compared to $386 million in the first quarter of 2024.The improved performance in the first quarter of 2025 was driven by higher volume primarily from higher proportionate growth in GTE, price, and productivity, partially offset by inflationary pressure.

LIQUIDITY AND CAPITAL RESOURCES

Our objective in financing our business is to maintain sufficient liquidity, adequate financial resources, and financial flexibility in order to fund the requirements of our business. We continue to maintain solid financial strength and sufficient liquidity. At March 31, 2025, we had cash and cash equivalents of $3.3 billion compared to $3.4 billion at December 31, 2024.

In the U.S. we held cash