logo
Share SHARE
FONT-SIZE Plus   Neg

URS To Buy Flint Energy Services, Provides FY12 Outlook

URS Corp. (URS) has agreed to buy Flint Energy Services Ltd. (FES.TO) 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

Quick Facts

Editors Pick
The performance of Biotech stocks thus far this month is nothing to write home about, if we were to look at it from the standpoint of the movement of the NYSE Arca Biotechnology Index. A peek at what transpired on the FDA front in August and a preview of what September holds in store for us look pertinent. United Continental Holdings, Inc. on Monday appointed Scott Kirby as President of United Airlines with immediate effect. Kirby, an industry veteran aged 49, joins United from American Airlines Group Inc., where he was president since 2013, following the merger of American Airlines and US Airways. Meanwhile, American announced that Chief Operating Officer Robert Isom will become the President. Apple Inc. (AAPL) has scheduled its annual hardware event on Wednesday, September 7, when the tech giant is expected to unveil the most-awaited smartphone of the year-- iPhone 7. Apple has sent out invitation to the media and published the event on its website with a simple title "See you on the 7th." Although,...
comments powered by Disqus
Follow RTT