Question-and-Answer Session
(Operator Instructions) Your first question comes from Steven Fisher - UBS Securities.
Steven Fisher - UBS Securities
I was wondering if you could just talk about of the guidance for fiscal ’09 in terms of what kind of U.S. and global macro assumptions do you having there? Did you assume your GDP growth weakens from here?
Michael Burke
Steve, as we have said for quite sometime, our long range assumptions are that we will produce a 15% compound annual growth rate in our EPS. Clearly most of the economic data that we look at is looking at a slowing GDP, but our plans are much more based on micro data, infrastructure spending data, stimulus package data and so the global GDP numbers are not as relevant to our plans to build up from base level economic data around infrastructure which we expect to continue to grow with the economic stimulus packages that you heard John mentioned earlier. The $1 trillion of economic stimulus packages that are presented around the globe will continue to fuel growth and infrastructure spending.
Steven Fisher - UBS Securities
But you did say that you don’t specifically have those infrastructure stimulus packages in the numbers, is that right?
Michael Burke
That’s correct.
Steven Fisher - UBS Securities
And has anything changed with respect to the Earth Tech accretion, I think you said it will be $0.04 to $0.05 on a GAAP basis for ’09?
Michael Burke
We are still comfortable with the numbers, at least that amount for ’09 relative to Earth Tech.
Steven Fisher - UBS Securities
And then you mentioned, John that general expectations in the market was slowing in certain parts of the Middle East. I was wondering if you could just kind of put your exposure in various countries in the region in context. What’s the outlook for the specific types of work you might pursue and I guess specifically with regard to infrastructure, what are the opportunities there for you?
John Dionisio
In the Middle East we see the market as very optimistic. I mean it’s continuing to grow. Our focus right now is on Qatar, United Arab Emirates, which is Dubai and Abu Dhabi and in Saudi Arabia. As I mentioned on the call, we just won a major program management of port facility in Doha, Qatar and we see that country also having extensive amount of infrastructure programs going forward, in Abu Dhabi and Dubai also the same thing.
- To read the full transcript on Seeking Alpha, click here »
