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 holiday throng seeking to take a flight out to their preferred destinations at the at New York's Kennedy International Airport ahead of the Memorial Day holiday were in for a rude shock. Technology played a spoilsport, as a computer system broke down Sunday evening at a terminal, causing flight delays and cancellations that resulted in manual check-in process for thousands of holiday passeng The month of May saw the FDA greenlight 5 new drugs, including 1 new molecular entity, and surprisingly turn down 1 drug candidate, whose approval was considered a no-brainer by some experts. Lab equipment maker Thermo Fisher Scientific Inc. has agreed to acquire electron microscope maker FEI Co. for about $4.2 billion in cash, the two companies said Friday. Thermo Fisher noted that FEI's electron microscopy platform will complement its own mass spectrometry systems to accelerate advancements in structural biology.
comments powered by Disqus
Follow RTT