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URS Corporation Reports Third Quarter 2012 Results

Stocks in this article: URS

URS Corporation (NYSE: URS) today reported its financial results for the third quarter of fiscal 2012, which ended on September 28, 2012.

Third Quarter 2012 Highlights

  • Third quarter revenues were $2.95 billion, a 19% increase from the third quarter of 2011, including $ 592.2 million from the former Flint Energy Services Ltd. (“Flint”), which URS acquired in May 2012.
  • Third quarter 2012 GAAP net income was $106.7 million, or $1.43 per share on a diluted basis, compared with a net loss of $623.1 million, or $(8.05) per share, in the third quarter of 2011.
  • Third quarter 2012 results include a pre-tax gain of $10.8 million (or $0.14 per share after tax) for foreign currency gains related to intercompany loans and an adjustment to pre-tax acquisition-related expense of $0.8 million (or $0.01 per share after tax). Third quarter 2011 results included a non-cash, after-tax goodwill impairment charge of $699.3 million (or $9.03 per share after tax).
  • Excluding these items from both periods, URS’ non-GAAP net income for the third quarter would have increased 26% from the prior year and non-GAAP diluted earnings per share (“EPS”) would have increased 31%.
  • Net income, EPS and business segment operating income are reported on a GAAP and a non-GAAP basis. The non-GAAP measures are reconciled to their corresponding GAAP equivalent at the end of this release as well as at the investor relations section of the Company’s website:
  • Third quarter 2012 oil & gas sector revenues were $827.9 million, a 361.7% increase from revenues of $179.3 million in the year ago period, reflecting the acquisition of Flint, robust market conditions and strong organic growth.

Commenting on the Company’s financial results, Martin M. Koffel, Chairman and Chief Executive Officer, stated: “We are pleased with our financial results for the quarter, particularly the strong performance of our new Oil & Gas Division. Our federal business also performed well, generating significant profits. We are encouraged by the outlook for the oil & gas market, and the improving prospects for the infrastructure and industrial markets. We continue to enjoy leading positions in the federal and power markets and expect both businesses to perform well.”

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