- 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: www.urs.com.
- 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.
URS Corporation Reports Third Quarter 2012 Results
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