URS reports revenue growth but $223.4 million in losses

   Engineering giant URS Corp. (San Francisco, CA) reported revenue growth of 4% to $9.6 billion in 2011, but recorded an operating loss of $223.4 million, related primarily to impairment charges imposed following drops in its share price during the third quarter of the year. URS, which said that the impairment charges will have no impact on business operations, reported that poor market conditions in Europe and the Middle East have restricted opportunity in those regions, but that the company enjoyed a significant increase in demand from the U.S. private sector for environmental services. In particular, URS saw strong demand for industrial air quality control services and noted that U.S. utilities are expected to spent up to $42 billion over the next three years in order to meet stringent new regulatory requirements. URS is forecasting revenue for 2012 in the range of $9.9 billion to $10.1 billion.