This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

URS Corporation Reports Second Quarter 2012 Results

URS Corporation (NYSE: URS) today reported its financial results for the second quarter of fiscal 2012, which ended on June 29, 2012.

Second Quarter 2012 Highlights

  • Second quarter revenues were $2.69 billion, a 14% increase from the second quarter of 2011.
  • Revenues included $277.5 million from seven weeks of operations of the former Flint Energy Services Ltd. (“Flint”), which URS acquired during the quarter. Flint revenues contributed approximately 12% in total revenue growth in the second quarter.
  • Second quarter 2012 GAAP net income was $53.6 million, or $0.72 per share on a diluted basis, including charges related to the Flint acquisition.
  • These charges included a pre-tax charge of $11.3 million (or $0.16 per share after tax) for acquisition-related expenses, and a pre-tax charge of $9.2 million (or $0.12 per share after tax) for foreign currency losses related to intercompany loans and foreign currency derivatives associated with the Flint acquisition. URS’ prior year second quarter results included $1.0 million of pre-tax acquisition-related expenses.
  • Excluding these charges for both periods, URS’ net income for the second quarter would have been $74.7 million, a 10% increase from the second quarter 2011, and diluted earnings per share (“EPS”) would have been $1.00, a 15% increase from 2011.

Commenting on the Company’s financial results, Martin M. Koffel, Chairman and Chief Executive Officer, stated: “URS had another successful quarter, including the achievement of an important strategic milestone with the acquisition of Flint in May, which significantly expanded our presence in the oil and gas market, a longstanding priority for URS, and positioned us to benefit from greater North American energy independence. We now have an expanded range of engineering, procurement and construction (EPC) capabilities in the oil and gas market across North America, and oil and gas is expected to contribute approximately 25% of our revenues in the second half of this year.”

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs