URS Corp. (URS) Misses Q1 EPS by 8c, Sales Light

URS Corp. (NYSE: URS) reported Q1 EPS of $0.60, $0.08 worse than the analyst estimate of $0.68. Revenue for the quarter came in at $2.5 billion versus the consensus estimate of $2.68 billion.

URS Corp. sees FY2014 EPS of $3.20-$3.50, Cash EPS for fiscal 2014 will be between $4.13 and $4.43, versus the consensus of $3.27.

Commenting on the Company’s financial results and outlook, Martin M. Koffel, Chairman and Chief Executive Officer, stated: “URS had a solid quarter operationally, with both operating income and net income meeting our expectations. Although our reported results reflect a higher effective tax rate, we expect that it will be lower over the remainder of the year. The decrease in year over year revenues is due in large part to the wind-down of our successful chemical demilitarization contracts.”

Koffel continued: “Our oil and gas business performed in line with our expectations as it continued to recover from challenges last year. We are pleased with the growth in our oil and gas backlog and near-term prospects, which reflects developing momentum in this business. We also achieved strong growth in our power business this quarter, and continue to see robust opportunities in the infrastructure and industrial sectors, and an improved contracting environment in our federal business.”

“Based on recent and upcoming project starts, our book of business and a robust pipeline of new bidding opportunities, we continue to expect our financial performance to be much stronger in the second half of the year. Accordingly, we expect to achieve the financial guidance we have given for 2014 and to generate substantial free cash flow during the remainder of the year.”

For earnings history and earnings-related data on URS Corp. (URS) click here.

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