- 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.
URS Corporation Reports Second Quarter 2012 Results
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