URS profit declines as energy, construction work slows
(Reuters) - Engineering company URS Corp (URS.N) posted a drop in quarterly profit on Tuesday as energy and construction work weakened compared with the same quarter a year ago, while its backlog of projects also declined.
URS reported a first-quarter net profit of $71.9 million, or 96 cents per diluted share, compared with $79.7 million, or $1.07 per share, a year before. Revenue rose 19 percent to $2.8 billion, lifted by its 2012 takeover of Flint Energy Services.
Excluding a five-cents-per-share charge related to that acquisition, URS earned $1.12 a share, compared with the average estimate of $1.11 on Thomson Reuters I/B/E/S.
The company's overall backlog of work dropped by $500 million over the quarter to $12.8 billion, URS said.
Operating profit from the federal government services unit, which counts the U.S. Defense, Homeland Security, State and Treasury departments as customers, rose to $99.1 million from $93 million a year ago.
However, income from its energy and construction unit fell to $27.1 million in the quarter from $48.1 million a year before.
(Reporting by Braden Reddall in San Francisco; editing by Gary Hill, G Crosse)
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