Q4 2012 Earnings Call Transcript

Transcript Call Date 02/25/2013

Operator: Good afternoon and welcome to the URS Corporation's Earnings Conference Call for the Fourth Quarter and Fiscal Year 2012. To begin, I will turn the call over to Mr. Thomas Hicks, Chief Financial Officer of URS. Mr. Hicks, you may begin.

H. Thomas Hicks - VP and CFO: Good afternoon, everyone. Before we get started, let me remind you that today's call will contain forward-looking statements including statements about our future revenues, business prospects, book of business, earnings and financial condition, debt pay down, federal budget cuts, economic conditions and other statements that are not historic facts. These statements represent our expectations as to future events, which we believe are based on reasonable assumptions.

However, numerous risks and uncertainties could cause actual results to differ materially from those in the forward-looking statements, including those in our recently filed Form 10-K. We assume no obligation to revise or update any forward-looking statements.

A webcast of this call is available on the Investor Relations portion of our website and will be archived in audio form on the website for a limited period.

With that, I'll turn the call over to Martin Koffel, our Chairman and Chief Executive Officer.

Martin M. Koffel - Chairman, President and CEO: Good afternoon, and thank you for joining us. In addition to Tom Hicks, the team with me here in San Francisco today includes Gary Jandegian, President of Infrastructure and Environment; Bill Lingard, President of Oil and Gas; Randy Wotring, President of Federal Services; Bob Zaist, President of Energy and Construction; Martin Tanzer, Executive Vice President of Marketing; Reed Brimhall, Corporate Controller and Chief Accounting Officer; and Sam Ramraj, Vice President of Investor Relations.

Our 2012 results, which we announced today are in line with the estimates that we updated for you 10 days ago. Overall, we had a strong year and despite the sluggish economic recovery and the well-documented federal budget issues, our revenue was up 15% from 2011 and EPS increased by 18%. Now this comparison includes certain non-GAAP adjustments in 2011. In addition, we generated $430 million in cash from operations. A full reconciliation of net income and earnings per share reflecting the 2011 adjustments is provided in the reconciliation schedule on our website at and in our earnings press release.

Our 2012 results demonstrate our success in building a world-class highly competitive engineering, construction and technical services company.

Our scale, our market positions and diversified mix of business have enabled us to generate steady earnings growth and strong cash flow right throughout the economic cycle. And with the acquisition of Flint Energy last year, we took a really important step to ensure that we maintain a strategic balance for continued growth.

The acquisition significantly increased our position in the rapidly expanding North American Oil & Gas markets which has been a long-standing strategic priority and we've talked to you all about that on several previous calls. It also profoundly reshaped our overlay business mix.

Read our Earnings Call Transcript disclaimer.
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