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Michael Baker profit falls, company adopts plan to cut costs by up to $20M

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Friday, Nov. 9, 2012, 10:24 a.m.
 

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 kleonard@tribweb.com.

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