URS Corp. (URS) reported fourth-quarter earnings per share from continuing operations of 65 cents, which was ahead of the Zacks Consensus Estimate of 58 cents. The company reported revenues of $2.11 billion, compared to revenues of $2.71 billion in the fourth quarter of 2008.

Segment Results

URS changed the names of its 3 financial reporting segments in the fourth quarter of fiscal 2009. The new segment names are: Infrastructure and Environment (formerly the URS Division); Federal Services (formerly the EG&G Division); and Energy and Construction (formerly the Washington Division).
Infrastructure and Environment.

For fiscal 2009, the Infrastructure and Environment segment reported revenues of $3.2 billion and operating income of $255.7 million, compared to revenues of $3.4 billion and operating income of $242.7 million for fiscal 2008.

For the fourth quarter of fiscal 2009, the Infrastructure and Environment segment reported revenues of $733.7 million and operating income of $66.0 million, compared to revenues of $849.1 million and operating income of $58.6 million for the fourth quarter of 2008.

For fiscal 2009, the Federal Services segment reported revenues of $2.6 billion and operating income of $143.2 million, compared to revenues of $2.4 billion and operating income of $130.1 million for fiscal 2008.

For the fourth quarter of fiscal 2009, the Federal Services segment reported revenues of $620.7 million and operating income of $29.9 million Incorporatedluding a $3.8 million impairment charge related to the “Washington” trade name, compared to revenues of $683.5 million and operating income of $29.1 million for the corresponding period in 2008.

For fiscal 2009, the Energy and Construction segment reported revenues of $3.6 billion and operating income of $145.9 million Incorporatedluding a $29 million charge related to the impairment of the “Washington ” trade name, compared to revenues of $4.3 billion and operating income of $211.0 million for fiscal 2008.

For the fourth quarter of fiscal 2009, the Energy and Construction segment reported revenues of $773.4 million and operating loss of $1.2 million Incorporatedluding a $29.0 million charge related to the impairment of the “Washington” trade name, compared to revenues of $1.2 billion and operating income of $45.5 million for the corresponding period in 2008.

Guidance

URS expects its fiscal 2010 revenues to be between $9.4 billion and $9.7 billion. The company expects GAAP EPS in the range of $3.35 to $3.45 for fiscal 2010. Total revenues for 2010 are expected to be slightly higher than in 2009.

We currently have a Neutral recommendation on URS.

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