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
If calories are not reduced, exercise alone can have no effect on obesity, says British Sports Medicine, a peer-reviewed journal of sport and exercise medicine. The journal says the blame for expanding waist lines is directly on the type and amount of calories consumed and the poor diet generates more disease than physical inactivity, alcohol and smoking combined. Deutsche Bank (DB) on Sunday reported an about 50 percent decline in first-quarter profit, despite clocking double-digit revenue growth, as the German lender recorded hefty legal charges over allegations of rate-rigging. Casino operator Wynn Resorts said its shareholders ousted Elaine Wynn from the board, reflecting fears that her presence may lead to disharmony with the management.
comments powered by Disqus
Follow RTT