URS Corporation provides a range of engineering, construction, maintenance, and technical services for customers around the world. Through its infrastructure and environment division, URS builds, manages, operates, and maintains projects for government agencies and private corporations. Its federal services segment provides management, decommissioning, and technical support services to agencies including the Department of Defense and the Department of Homeland Security. URS' energy and construction segment provides design, management, construction, maintenance, and closure services. Projects include work on power generating facilities, transportation networks, biotechnology labs, and manufacturing plants.
URS operates in more than 40 countries. About half of its business is derived from government projects. A key federal defense contractor, URS provides operations, management, and maintenance services to all branches of the military and entities such as NASA. The US Army is the company's largest customer, accounting for about 18% of all sales. For the military, URS refurbishes military vehicles, modernizes weapons systems, manages military facilities, provides logistic support, trains pilots, and is trained to decommission nuclear, chemical, and biological weapons.
For the industrial and commercial sectors, URS offers a range of services including construction, modification, and decommissioning for facilities including oil and gas refineries, biotechnology and other research laboratories, and manufacturing facilities. It is also a leading nuclear plant remediation and decommissioning services provider.
In the infrastructure sector URS assists with the building and modernizing of infrastructure such as highways, airports, light rail, subways, piers, seawalls, marinas and water treatment systems. It also builds schools, correctional facilities, hospitals, industrial plants, and sports and recreational structures.
Revenues dropped for the company from 2009 through 2010. However, the company's diversity helped it stay afloat even when demand for some of its services fell. Increased spending in the public sector, in particular, helped URS, as corporations and other private clients cut capital expenditures.
Sales inched up (by 4%) in 2011. Revenues climbed that year in URS' power, federal, and industrial and commercial sectors. Sales declined in the infrastructure segment as some major projects were completed. URS reported a $465 million net loss in 2011. The results included a more than $730 million goodwill charge tied to a decrease in the company's stock price. Weakness in the European and Middle East markets also impacted results as URS was forced to restructure some of its operations in those areas.
URS Corporation is positioning itself for growth as the economy rebounds from the recession. It anticipates each of its segments to benefit from increased spending and growing demand for oil and gas engineering projects. Acquisitions are always a part of the company's growth strategy. URS often adds to its services portfolio and geographic footprint by making acquisitions.
URS is strengthening its successful federal services and infrastructure segments. In 2011 URS Corporation acquired Apptis Holdings, a provider of information technology and communications services to the federal government. The deal expanded URS' federal government services business, which caters to the US Department of Defense and other federal entities. Also in 2011, URS acquired CATI Training Systems, a designer and developer of flight simulators and other training systems for the Department of Defense and commercial customers. In early 2012 URS bought Flint Energy Services, a Canada-based provider of services to the North American oil and gas industry (a priority strategic market for the company). – less