Michael Baker profit falls, company adopts plan to cut costs by up to $20M
Michael Baker Corp.'s net income fell to $700,000 in the third quarter, and the engineering, design, planning and construction services company said it adopted a plan to improve performance.
Baker, based in Moon, said profit equaled 7 cents a share, and is down from net income of $7.1 million, or 76 cents, a year ago. Lower utilization, an unfavorable project mix and higher acquisition-related expenses reduced profit, the company said.
Revenue, however, increased by $14.1 million to a total $145.2 million, driven mainly by additional revenue from RBF Consulting, a California engineering and planning company that Baker acquired in 2011.
The company said it realigned its organization to increase work-sharing, cross-selling and utilization, and adopted a performance improvement plan to cut costs by $18 million to $20 million next year.
Kim Leonard is a staff writer for Trib Total Media. She can be reached at 412-380-5606 or email@example.com.