URS Earnings: Here’s Why Shares are Down Now
URS Corporation (NYSE:URS) delivered a profit and met Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 2.28%.
URS Corporation Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 6.74% to $0.95 in the quarter versus EPS of $0.89 in the year-earlier quarter.
Revenue: Rose 24.23% to $2.97 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: URS Corporation reported adjusted EPS income of $0.95 per share. By that measure, the company missed the mean analyst estimate of $0.95. It beat the average revenue estimate of $2.96 billion.
Quoting Management: Commenting on the Company’s financial results, Martin M. Koffel, Chairman and Chief Executive Officer, stated: “URS performed well in 2012, delivering strong growth in revenues, net income and EPS. Our results demonstrate our success in building a world-class, highly competitive engineering, construction and technical services company with a diversified mix of businesses. The acquisition of Flint Energy Services last year significantly increased our position in the rapidly expanding North American oil & gas market. In the fourth quarter, 29% of our revenues came from the oil & gas market, providing URS with the strategic balance for continued growth. Revenue growth in the power sector also was strong, reflecting increased activity by utility clients on emissions control, nuclear facilities modification, and transmission and distribution projects. Combined, our energy-related revenues from the oil & gas and power markets account for more than 40% of URS’ revenues.
“Conditions in the infrastructure and industrial sectors continue to improve, but we remain mindful of the uncertainty regarding the federal budget. Based on our market positions and our well-balanced business mix, we expect to continue our growth in 2013.”
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