URS Corp. (NYSE: URS) has announced financial results for the third quarter of its 2012 fiscal year, ended Sept. 28, 2012.
The company reported third quarter revenues of $2.95 billion, representing a 19 percent increase from the $2.47 billion recorded for the third quarter of 2011.
Revenue in the oil and gas sector totaled $827.9 million, a 361.7 percent increase from the $179.3 million reported for the prior-year period.
That figure includes $592.2 million from the company’s acquisition of Flint Energy Services Ltd. in May.
“We are pleased with our financial results for the quarter, particularly the strong performance of our new Oil & Gas Division, ” said Chairman and CEO Martin Koffel. “We are encouraged by the outlook for the oil & gas market, and the improving prospects for the infrastructure and industrial markets.”
URS established that division upon completion of the Flint buy.
Mark Cabrey, vice president of finance at URS’ federal services division, highlighted that acquisition as an avenue for expansion in the oil and gas sector in a recent interview with ExecutiveBiz (click here for the full Q&A).
The company also declared a 20-cent quarterly cash dividend for the fourth quarter of fiscal 2012, which will be paid Jan. 4, 2012 to shareholders of record as of Dec. 14, 2012.
