URS Q1 Profit Down - Update

(RTTNews) - Construction and engineering services provider URS Corp. (URS), Tuesday said its first-quarter profit dropped due mainly to lower revenues. Both earnings and revenues for the quarter missed Wall Street expectations.

Commenting on the results, Chief Executive Martin Koffel said, "URS had a solid quarter operationally, with both operating income and net income meeting our expectations. The decrease in year over year revenues is due in large part to the wind-down of our successful chemical demilitarization contracts."

URS provides engineering, construction, and technical services to government agencies and private companies across various industries.

San Francisco, California-based URS' first-quarter profit dropped to $27 million or $0.37 per share from $72 million or $0.96 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.68 per share for the quarter. Analysts' estimates typically exclude one-time items.

Revenues for the quarter dropped to $2.54 billion from $2.80 billion last year. Eleven analysts had a consensus revenue estimate of $2.68 billion for the quarter.

Moving ahead, the company backed its full-year 2014 outlook. The company continues to expect earnings of $3.20 and $3.50 per share and revenues of $10.8 billion to $11.2 billion. Analysts currently expect earnings of $3.27 per share with revenues of $10.84 billion for the quarter.

URS closed Tuesday's trading at $47.19, down $0.13 or 0.27%, on the NYSE.