Technical Services Revenue Boosts Aecom’s QuarterThursday, November 10, 2011
Aecom Technology Corp.'s fiscal fourth-quarter earnings rose 29 percent on revenue growth in its professional technical services division. The profit exceeded analysts’ forecasts, but revenue was lower than expected.
The Los Angeles provider of construction management and other services to governments and businesses on Thursday reported net income of $87.4 million (75 cents per share), compared with $67.8 million (58 cents) in the same period a year earlier.
Revenue rose 16 percent to $2.12 billion, with professional technical services revenue up 23 percent to $1.88 billion.
Analysts surveyed by Thomson Reuters on average expected per-share profit of 73 cents on revenue of $2.17 billion.
“Looking ahead, we will focus our global resources on our best and most profitable opportunities across our diversified end markets and geographies,” said Chief Executive John M. Dionisio in a statement. “Finally, we will continue to focus on increasing cash flow and improving working capital and margins as well as effective capital allocation.”
The company forecast 2012 earnings of $2.45 to $2.65 a share, which is lower that than the Wall Street consensus of $2.69.
Shares closed down 12 cents, or less than 1 percent, to $20.02 on the New York Stock Exchange.