Goldman Sachs Reports URS Corp's 2011 Guidance In Line But Backlog Disappointing

In a report published by Goldman Sachs, URS Corporation's URS 2011 guidance is in line but the backlog is disappointing. In the report, Goldman Sachs said that URS reported 4Q10 EPS of $0.75 (including $0.12 in acquisition related expenses) vs. GS/consensus expectations of $0.90. URS booked new awards of $1.8 bn (GS: $2.4 bn), implying a book-to-bill ratio of 0.76 (GS: 0.95). “The company also issued 2011 guidance of $3.60-$3.70 vs. the consensus expectation of $3.67. Lastly, URS increased its 2011 share buyback authorization to 8 mn shares (from 3 mn previously) and guided to roughly a 4% share reduction in 2011.” URS closed yesterday at $46.53.