URS Corp. on Aug. 12 reported net income of $95.1 million or $1.16 per share, for the three months ended July 3. URS in the year- earlier quarter reported net income of $59.4 million or 70 cents per share. The engineering, environmental services and heavy construction company bases its Washington Division in Boise.

Recent results include net after-tax gains of $35.5 million or 43 cents per share, from URS' previously announced sale of its interest in MIBRAG mbH, a German mining and power business, The Associated Press reported. Excluding the gain, second quarter profit totaled $59.6 million or 73 cents per share.

Revenue declined 9 percent to $2.3 billion for San Francisco- based URS, from $2.53 billion a year earlier. Analysts polled by Thomson Reuters, on average, expected profit of 66 cents per share, on revenue of $2.41 billion. Analysts typically exclude one-time gains and losses from their estimates.

Chairman and CEO Martin Koffel said in a release that URS' federal market remains "robust" and that infrastructure work is steady.

"Although we are seeing a buildup of demand in our power and industrial and commercial sectors, contract awards in these businesses have slowed due to the effect of the economy on our customers," he said. "The long-term outlook for all of our markets is strong and we are well-positioned to capture new work as the economy recovers."

Credit: IBR Staff

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