URS Corp Earnings: Falls Below Expectations as Net Income Declines
URS Corporation (NYSE:URS) reported a lower net income in fourth quarter, missing analysts’ estimates. URS is an international provider of engineering, construction and technical services.
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URS Earnings Cheat Sheet for the Fourth Quarter
Results: Net income for URS Corporation fell to $28.4 million (37 cents per share) vs. $60 million (75 cents per share) a year earlier. This is a decline of 52.6% from the year-earlier quarter.
Revenue: Rose 0.6% to $2.39 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: URS Corporation fell short of the mean analyst estimate of 98 cents per share. It fell short of the average revenue estimate of $2.53 billion.
Quoting Management: Martin M. Koffel, Chairman and Chief Executive Officer, stated: “URS’ North American operations performed well in 2011, with all of our U.S. and Canadian operations either meeting or exceeding our expectations. While we generate the significant majority of our revenues in North America, our overall results for 2011 were affected by weakness in certain international markets, particularly Europe and the Middle East. During the fourth quarter, we reduced our workforce and consolidated systems and offices as a result of the turbulent economic conditions in these regions.”
The company has missed analyst estiamtes for four quarters in a row. It fell short by one cent in the third quarter, by 6 cents in the second quarter, and by 5 cents in the first quarter.
Revenue has increased for four quarters in a row. Revenue increased 5.6% to $2.47 billion in the third quarter. The figure rose 4.9% in the second quarter from the year earlier and climbed 5.1% in the first quarter from the year-ago quarter.
The company reported a profit last quarter, following a quarter of being in the red. The company booked a net loss of $66.8 million, or 86 cents per share, in the second quarter.
Looking Forward: Next quarter’s results are expected to be more favorable for the company. Over the past sixty days, the average estimate for the first quarter of the next fiscal year has reached 95 cents per share, up from 93 cents. In the last thirty days, the average estimate for the fiscal year has moved up from $3.62 per share to $3.63.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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