Baker International Net Down 8.3% in 1st Quarter

Baker International reported an 8.3% decline in earnings for its fiscal first quarter and predicted that second-quarter earnings will be even lower. The Orange-based oil services company, suffering from a sharp drop in oil prices, had first-quarter net income of $16.3 million, down from the $17.8 million reported a year earlier. The company had revenue of $442.7 million, down 1.4%.