Larger text
Smaller text
Michael Baker profit falls, company adopts plan to cut costs by up to $20M
Assistant Metro Editor
Pittsburgh Tribune-Review
Contact Us | Video | RSS | Mobile
Daily Photo Galleries
By Kim Leonard
Published: Friday, November 9, 2012, 10:24 a.m.
Updated: Tuesday, February 19, 2013
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.
Most Popular News
You must be signed in to add comments
To comment, click the Sign in or sign up at the very top of this page.
Subscribe today! Click here for our subscription offers.
