logo
Share SHARE
FONT-SIZE Plus   Neg

URS To Buy Flint Energy Services, Provides FY12 Outlook

URS Corp. (URS: Quote) has agreed to buy Flint Energy Services Ltd. (FES.TO: Quote) for C$25.00 per share in cash or C$1.25 billion. URS will also assume about C$225 million in Flint debt, the company said in a statement.

URS also detailed its full-year 2012 financial outlook, with earnings expected to beat current estimates while revenues are forecast to miss expectations.

URS said the transaction will be accretive to its 2012 earnings and will increase its revenues from oil and gas sector to about 22 percent of total revenues.

Flint Energy provides an expanding range of integrated products and services for the oil and gas industry including production services, infrastructure construction, oilfield transportation, and maintenance services.

Chief Financial Thomas Hicks said, "We expect the transaction to be accretive to URS' 2012 EPS between US$0.20 and US$0.30 per share, which reflects expected acquisition related costs, estimated amortization of intangible assets and the estimated cost synergies discussed above."

Looking forward, URS expects its fiscal 2012 earnings in a range of $3.95 to $4.05 per share and revenues of $9.9 billion to $10.1 billion. Analysts currently expect earnings of $3.85 per share on revenues of $10.25 billion.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Internet giant Google Inc. (GOOGL, GOOG) has launched a new online flight search tool that makes it easy to find out the best flight deal. The tool dubbed "Google Flights" provides a calendar that one can scroll through and see the lowest fare highlighted for each day. One can also use the lowest... Hyperloop Transportation Technologies, a start-up that has adopted Elon Musk's ambitious project of high-speed transportation system, plans to build a Hyperloop test track in California and completed as early as 2016. Hyperloop Test Technologies, a crowd-funded company, plans to take Musk's dream... Colors have set the social media afire after an otherwise innocuous photo of a bodycon dress kept users guessing as to what hues permeate it. Opinions are divided, with some seeing the dress as white and gold, and others as blue and black. The photo was posted on Tumblr by a user called Swiked.
comments powered by Disqus
Follow RTT