URS Corp. (URS) reported net income for the fourth quarter of $70.6 million or $0.95 per share, compared to $28.4 million or $0.37 per share for the year-ago quarter.
The year-ago results included a non-cash, after-tax charge for the impairment of goodwill of $32.9 million, or $0.43 per share, to finalize the estimated goodwill impairment charge the company recorded in the third quarter. URS' 2011 fourth quarter results also included a non-cash, after-tax charge of $1.7 million, or $0.02 per share, related to the retirement of the company's prior credit facility, and the $5.5 million, or $0.07 per share, after-tax charge related to the restructuring of URS' international operations in Europe.
Excluding items, adjusted net income for the year-ago quarter was $68.5 million or $0.89 per share.
Revenues for the fourth quarter rose to $2.97 billion from $2.39 billion a year ago.
Analysts polled by Thomson Reuters expected the company to earn $0.95 per share on revenue of $2.96 billion for the fourth quarter.
URS also said that its Board of Directors has approved a 5% increase in its regular quarterly cash dividend to $0.21 per share. The dividend will be paid on April 5 to stockholders of record as of March 15.
Looking forward to fiscal 2013, the company forecast revenues of $11.8 billion to $12.2 billion and earnings of $4.25 to $4.75 per share. Analysts currently expect the company to earn $4.50 per share on revenue of $12.13 billion for the fiscal year 2013.
For comments and feedback: editorial@rttnews.com