URS Corporation Updates Fiscal 2012 Outlook

  URS Corporation Updates Fiscal 2012 Outlook

Business Wire

SAN FRANCISCO -- February 14, 2013

URS Corporation (NYSE: URS) today announced that it has revised its outlook
for Fiscal 2012, primarily as a result of a shift in the timing of a
performance-based incentive award for achieving key milestones on a large
chemical weapons demilitarization program. The incentive award, which is
approximately $15 million after-tax, or $0.20 per share, will be recognized in
the first quarter of Fiscal 2013, instead of the fourth quarter of Fiscal 2012
as originally anticipated. The chemical weapons demilitarization program is
expected to continue for several years and URS will be eligible for additional
incentive awards as the work transitions from the operations phase to the
closure phase.

Accordingly, the Company now expects fully diluted earnings per share for
Fiscal 2012 to be between $4.12 and $4.17, as compared to the previous range
of $4.20 to $4.30. URS continues to expect that Fiscal 2012 revenues will be
approximately $11.0 billion.

URS will announce its fourth quarter and Fiscal 2012 results after the market
close on Monday, February 25, 2013 and will host a conference call at 5:00
p.m. (EST) to discuss the results. A live webcast will be available at
http://investors.urs.com, along with a link to the Company’s 2012 fourth
quarter and year-end earnings release when it becomes available.

URS Corporation (NYSE: URS) is a leading provider of engineering, construction
and technical services for public agencies and private sector companies around
the world. The Company offers a full range of program management; planning,
design and engineering; systems engineering and technical assistance;
construction and construction management; operations and maintenance;
information technology; and decommissioning and closure services. URS provides
services for power, infrastructure, industrial, oil and gas, and federal
projects and programs. Headquartered in San Francisco, URS Corporation has
more than 57,000 employees in a network of offices in nearly 50 countries
(http://www.urs.com ).

Statements contained in this release that are not historical facts may
constitute forward-looking statements, including statements relating to future
revenues, future earnings per share, future incentive awards and programs, and
other future business, economic and industry trends and conditions. We believe
that our expectations are reasonable and are based on reasonable assumptions;
however, we caution against relying on any of our forward-looking statements
as such forward-looking statements by their nature involve risks and
uncertainties. A variety of factors, including but not limited to the
following, could cause our business and financial results, as well as the
timing of events, to differ materially from those expressed or implied in our
forward-looking statements: year-end adjustments that could arise in
connection with completion of the annual audit; the delay or failure to
receive incentive awards; declines in the economy or client spending; federal
sequestration; changes in our book of business; our compliance with government
regulations; impairment of our goodwill; integration of acquisitions;
employee, agent or partner misconduct; our ability to procure government
contracts; liabilities for pending and future litigation; environmental
liabilities; changes in commodity prices; availability of bonding and
insurance; our reliance on government appropriations; unilateral termination
provisions in government contracts; our ability to make accurate estimates and
assumptions; our accounting policies; workforce utilization; our and our
partners’ ability to bid on, win, perform and renew contracts and projects;
our dependence on partners, subcontractors and suppliers; customer payment
defaults; our ability to recover on claims; impact of target and fixed-priced
contracts on earnings; the inherent dangers at our project sites; the impact
of changes in laws and regulations; nuclear indemnifications and insurance;
misstatements in expert reports; a decline in defense spending; industry
competition; our ability to attract and retain key individuals; retirement
plan obligations; our leveraged position and the ability to service our debt;
restrictive covenants in finance arrangements; risks associated with
international operations; business activities in high security risk countries;
information technology risks; natural and man-made disaster risks; our
relationships with labor unions; our ability to protect our intellectual
property rights; anti-takeover risks and other factors discussed more fully in
our Form 10-Q for the period ended September 28, 2012, as well as in other
reports subsequently filed from time to time with the United States Securities
and Exchange Commission. The forward-looking statements represent our current
intentions as of the date on which they were made and we assume no obligation
to revise or update any forward-looking statements.

Contact:

URS Corporation
Sam Ramraj, 415-774-2700
Vice President, Investor Relations
or
Sard Verbinnen & Co
Jamie Tully/Delia Cannan
212-687-8080
 
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