URS Corp. Earnings Cheat Sheet: Keeping the Profitability Streak Alive

URS Corporation (NYSE:URS) reported its results for the second quarter. URS Corporation is an international provider of engineering, construction and technical services.

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URS Earnings Cheat Sheet for the Second Quarter

Results: Net income for URS Corporation rose to $66.8 million (86 cents per share) vs. $61.9 million (76 cents per share) in the same quarter a year earlier. This marks a rise of 7.9% from the year earlier quarter.

Revenue: Rose 4.9% to $2.36 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: URS fell short of the mean analyst estimate of 92 cents per share. It fell short of the average revenue estimate of $2.46 billion.

Quoting Management: Martin M. Koffel, Chairman and Chief Executive Officer, stated: “URS performed well in the second quarter. We continued to benefit from our strategy to build a diversified business which, today, serves four key market sectors. Revenues from our industrial and commercial business, which includes the mining, oil and gas, and industrial and manufacturing industries, grew significantly. Our federal sector revenues also increased, reflecting continued demand for our specialized engineering and technical services. Infrastructure revenues were stable. Although power sector revenues declined, we are particularly encouraged by recent engineering/procurement/construction awards for emissions control projects and the increased pace of bidding activity.”

Key Stats:

Revenue has risen the past four quarters. Revenue increased 5.1% to $2.32 billion in the first quarter. The figure rose 12.7% in the fourth quarter of the last fiscal year from the year earlier and climbed 0.9% in the third quarter of the last fiscal year from the year-ago quarter.

The company has now fallen short of analyst estimates for the last three quarters. It missed the mark by 5 cents in the first quarter and by 3 cents in the fourth quarter of the last fiscal year.

The increase in profit last quarter comes after net income fell in the previous quarter. In the first quarter, net income declined 35.1% to $62.1 million.

The company’s cost of sales rose 5% from a year earlier. Last quarter, cost of sales was 94.4% of revenue, similar to a year earlier.

Competitors to Watch: Jacobs Engineering Group Inc. (NYSE:JEC), Fluor Corporation (NYSE:FLR), KBR, Inc. (NYSE:KBR), Michael Baker Corporation (AMEX:BKR), Tetra Tech, Inc. (NASDAQ:TTEK), The Shaw Group Inc. (NYSE:SHAW), Tutor Perini Corporation (NYSE:TPC), AECOM Technology Corp. (NYSE:ACM), Quanta Services, Inc. (NYSE:PWR), and Willdan Group, Inc. (NASDAQ:WLDN).

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(Source: Xignite Financials)