Michael Baker Corp. nearly doubles profit in quarter

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Michael Baker Corp. reported second-quarter profit of $4.7 million, or $0.49 a share, compared to profit of $2.4 million, or $0.25 a share, for the same quarter in 2012.

Profit for the first six months of 2013 was $10.2 million, or $1.06 a share, compared to profit of $4.1 million, or $0.43 a share, for the first six months of 2012.

The Moon-based engineering company beat analysts expectations that it would earn $0.40 a share for the quarter.

The company announced last week it will be acquired by a private equity firm for $369.9 million cash, which amounts to $40.50 for each share of stock.

Revenues for the second quarter were $146 million compared to $155 million for the second quarter last year.

Revenues for the first six months of this year were $290 million compared to revenues of $307 million for the first six months of 2012.

breaking - businessnews - neigh_west

Tim Grant: tgrant@post-gazette.com or 412-263-1591.


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