URS to rebrand 2 units, maintains 2009 outlook

AP News
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Posted: Dec 22, 2009 9:19 AM

URS Corp. said Tuesday that its EG&G and Washington units will be rebranded under its namesake brand at the beginning of the new year and maintained its full-year adjusted profit outlook.

The engineering, construction and technical services provider said it plans a charge of about $20.5 million, or 25 cents per share, in the fourth quarter related to the change to a single URS brand and discontinuation of the Washington brand. It does not expect a similar charge for the rebranding of the EG&G division.

URS still anticipates 2009 adjusted earnings of $2.95 to $3.05 per share.

Analysts surveyed by Thomson Reuters, whose estimates normally exclude one-time items, predict a profit of $3.09 per share.

URS said it will still report financial results for three segments, including infrastructure and environment _ which was previously the URS unit; federal services _ which was the EG&G division, and energy and construction _ which was the Washington unit.