URS Corp. (URS) reported fourth-quarter net income attributable to the company of $28.4 million, or $0.37 per share, down from $60.0 million, or $0.75 per share, in the fourth quarter of 2010.
Excluding charges, URS' fourth quarter fiscal 2011 net income would have been $68.5 million and earnings per would have been $0.89.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.98 per share on revenues of $2.54 billion for the quarter. Analysts' estimates typically exclude special items.
Revenues were $2.39 billion, compared to revenues of $2.38 billion in the fourth quarter of 2010.
URS also announced that its Board of Directors has approved the initiation of a regular quarterly cash dividend program. The initial quarterly cash dividend of $0.20 per common share will be paid on April 6, 2012 to stockholders of record as of March 16, 2012. Future declarations of quarterly dividends are subject to the approval of URS' Board of Directors.
On February 21, 2012, URS announced its outlook for fiscal 2012, excluding any effect from its proposed acquisition of Flint Energy Services Ltd. As announced, URS expects its standalone fiscal 2012 revenues will be between $9.9 billion and $10.1 billion, net income will be between $292 and $300 million and EPS will be between $3.95 and $4.05. Analysts expect the company to report earnings of $4.00 per share on revenues of $10.41 billion for fiscal 2012.
by RTT Staff Writer
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