Aecom Reports Strong First Quarter EarningsTuesday, February 4, 2014
Downtown L.A. engineering and technical services firm Aecom Technology Corp. Tuesday reported better-than-expected earnings for its first fiscal quarter, ended Dec. 31.
The company reported net income of $56 million (58 cents a share), a 48 percent increase from the same period a year earlier. Aecom’s revenue declined 3.1 percent, to $1.95 billion. Earnings beat analysts’ expectations of 36 cents a share, but revenue fell short of the anticipated $2 billion.
The company said in a statement that it realized a considerable equity gain in obtaining control of its Arabia joint venture.
“We are encouraged by the momentum in large construction-management wins along with a cautious resumption of U.S. federal project startups, now that a budget has been passed,” John M. Dionisio, the company’s chairman and chief executive, said in a statement. Dionisio will hand over chief executive duties to Aecom President Michael S. Burke in March and move to become the company’s executive chairman.
Shares on Tuesday closed up 3.4 percent, to $28.6 on the NYSE.