June 2009 -- Gas and exploration company Baker Hughes Inc. saw its first-quarter 2009 net income decline nearly 51%, partly attributable to severance charges and a drop in consumer spending. The company posted a profit of $195 million, or 63 cents a share, compared with $395 million, or $1.27 a share, during the year-earlier period.
Revenue for the quarter was unchanged from the previous year at $2.67 billion.
The company has taken steps to reduce its operating costs through workforce reductions, facility consolidations and "other cost control measures," according to Chad Deaton, Baker Hughes chairman, president and CEO.
"Looking forward, the fundamentals that drive our outlook are essentially unchanged," he said in a April 29 statement. "We expect customer activity in North America to continue to decline and see little chance of recovery before the end of the year. Internationally, oil prices and the strength o f the global economy remain the most critical factors for determining international spending and activity."
