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Baker Hughes Co increased 1.7% to $30.01 after the oilfield services provider said new orders and revenue rose in double digits in the first quarter.

Revenue increased 19% to $5.7 billion and net income soared to $576 million from $72 million and diluted earnings per share increased to 57 cents from 8 cents a year ago.

North America revenue increased 20% to $992 million and international revenue rose 18% to $2.58 billion. In the quarter, well construction revenue increased 20% to $1.06 billion, completions, interventions and measurements advanced 16% to $909 million, production solutions gained 14% and subsea and surface pressure systems jumped 27% to $670 million.

New orders increased 12% to $7.6 billion from $6.8 billion a year ago and decreased 5% from $8 billion in the fourth quarter.

19 Apr, 2023

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