URS Corporation (NYSE: URS) today reported its financial results for the second quarter of fiscal 2013, which ended on June 28, 2013.
Second Quarter 2013 Overview
- Revenues were $2.79 billion, a 4% increase from the second quarter of 2012. Results include the first full second quarter with Flint’s operations.
- GAAP net income was $67.3 million, or $0.91 per share on a diluted basis, compared to $53.6 million, or $0.72 per share, in the second quarter 2012.
- Initiated reporting of Cash EPS, a non-GAAP measure, which was $1.16 in the second quarter, a 21% increase over same period last year.
- Cash flow from operations remained strong at $40.6 million.
- Continued to return value to stockholders through the repurchase of one million shares and a dividend of $0.21 per share.
- Total oil & gas sector revenues for the quarter were $796 million, a 71% increase from the same period in 2012, which included seven weeks of Flint Energy’s operations. The oil & gas business affected by unprecedented weather conditions and flooding in western Canada; operations are now recovering.
- Updated EPS guidance range to $4.25 and $4.50, on a fully diluted basis. Full year cash EPS is expected to be $5.25 to $5.50.
Commenting on the Company’s financial results, Martin M. Koffel, Chairman and Chief Executive Officer, stated: “URS delivered another quarter of year-on-year revenue growth, profitability and strong cash flows, despite the unprecedented weather conditions and flooding in western Canada, which halted work on numerous oil & gas job sites in May and June. With the improvement in ground conditions since then, we are now mobilized on all sites that were affected and are also benefiting from increased project work resulting from a favorable oil price environment. Infrastructure revenues increased by 9% during the second quarter, reflecting the recovery of this market, while results for our other market sectors – power, industrial and federal – were in line with our expectations for the quarter.”