Government contractor Booz Allen Hamilton said Friday that its third-quarter revenue was up 3.9 percent, but that it had trimmed its work force by 2 percent in January in anticipation of lower federal spending.
The McLean-based contractor, which primarily serves federal civil, defense, and intelligence agencies, said the job cuts mostly came from middle and senior-level management.
“We believe these measures will better position Booz Allen for continued growth by making our cost structure more flexible and freeing up additional resources to invest in growth areas across government, commercial, and international markets,” Booz Allen’s Chairman, CEO and President Ralph Shrader said in a statement.
The company is expanding into commercial and international markets as the federal government looks to rein in expenses.
The company reported revenues of $1.4 billion during the third quarter, compared with $1.39 billion during the third quarter of 2010. Profit more than doubled to $62.9 million, compared with $23.6 million last year.
Booz Allen expects a restructuring charge of $10 million to $14 million pretax in the fourth quarter of this year for termination benefits paid to departing employees.
The company said it still expects year-over-year revenue growth of 4.5 percent to 5.5 percent the current year.