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URS Corporation (NYSE:URS) reported net income above Wall Street’s expectations for the first quarter. URS is an international provider of engineering, construction and technical services.
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URS Earnings Cheat Sheet for the First Quarter
Results: Net income for URS Corporation rose to $79.7 million ($1.07 per share) vs. $62.1 million (79 cents per share) in the same quarter a year earlier. This marks a rise of 28.3% from the year-earlier quarter.
Revenue: Rose 1.8% to $2.36 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: URS Corporation reported adjusted net income of $1.12 per share. By that measure, the company beat the mean estimate of $1.05 per share. It fell short of the average revenue estimate of $2.43 billion.
Quoting Management: Commenting on the Company’s financial results, Martin M. Koffel, Chairman and Chief Executive Officer, stated: “URS performed well in the first quarter. Revenues from our federal sector business were particularly strong, reflecting our strong market positions and our continued successful execution of large, long-term assignments. We are well positioned in each of our core markets and we are confident in our ability to meet our outlook for the year. In addition, we are looking forward to successfully completing our previously announced acquisition of Flint Energy Services, which will significantly expand our presence in the growing oil and gas sector, particularly in the North American unconventional oil and gas segments. Subject to final closing conditions, we expect to close the acquisition shortly.”
Revenue has risen the past four quarters. Revenue increased 0.6% to $2.39 billion in the fourth quarter of the last fiscal year. The figure rose 5.6% in the third quarter of the last fiscal year from the year earlier and climbed 4.9% in the second quarter of the last fiscal year from the year-ago quarter.
The company trumped estimates last quarter after falling shy in the two quarters prior. In the fourth quarter of the last fiscal year, it missed the mark by 9 cents, and in the third quarter of the last fiscal year, it came in under estimates by one cent.
Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the second quarter has moved down from 96 cents a share to 94 cents over the last ninety days. Over the past three months, the average estimate for the fiscal year has climbed from $3.93 per to share to $4.01.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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