- Diluted earnings per share for the second quarter increased 31% year over year to 51 cents.
- Net income from continuing operations for second quarter increased 39% year over year to $59 million.
- Operating income for the second quarter increased 21% year over year to $83 million.
- Revenue, net of other direct costs, for the second quarter increased 9% year over year to $1.1 billion.
- Revenue for second quarter increased 7% year over year to $1.6 billion.
- Backlog at March 31, 2010, increased 7% year over year to $9.9 billion.
- Diluted earnings per share range outlook increased to $1.97 to $2.05 for full fiscal year 2010.
AECOM reported net income of $59 million for the second quarter, or diluted earnings per share (EPS) of 51 cents. These results represent an increase of 39% over net income of $42 million – and an increase of 31% over diluted EPS of 39 cents – for the same period last year. Operating income for the second quarter increased to $83 million, 21% higher than the same period last year. For the first six months of fiscal year 2010, AECOM reported net income of $104 million and operating income of $149 million, an increase of 26% and 8%, respectively, compared to the same period last year.
Second-quarter revenue increased to $1.6 billion, 7% higher than the second quarter of fiscal year 2009. AECOM’s gross revenue includes a significant amount of pass-through costs and, therefore, the company believes revenue, net of other direct costs, which is a non-GAAP measure, also provides a valuable perspective on its business results.
AECOM’s second-quarter revenue, net of other direct costs, increased to $1.1 billion, 9% higher than the same period last year. For the first six months of fiscal 2010, AECOM reported revenue of $3.1 billion and revenue, net of other direct costs of $2.0 billion, an increase of 4% and 8%, respectively, compared to the same period last year.
“We continued to win new work across our diversified end markets and geographies in the second quarter of fiscal year 2010,” said John M. Dionisio, AECOM president and chief executive officer. “Our global transportation and U.S. federal government markets – as well as our business in global markets such as Hong Kong, China, Australia and Eastern Europe – performed particularly well. Our pipeline of new opportunities is solid and we continue to anticipate accelerated growth in the second half of the year.”
Business Segments
In addition to providing consolidated financial results, AECOM reports separate financial information for its two segments: Professional Technical Services (PTS) and Management Support Services (MSS).
Professional Technical Services
The PTS segment delivers planning, consulting, architecture and engineering design, and program and construction management services to institutional, commercial and government clients worldwide.
For the second quarter of fiscal year 2010, the PTS segment reported revenue of $1.3 billion and operating income of $97 million, compared to revenue of $1.2 billion and operating income of $78 million for the same period during fiscal year 2009. This represents a 6% increase in revenue and a 25% increase in operating income year over year. PTS revenue, net of other direct costs, increased 7% year over year to $966 million.
Management Support Services
The MSS segment provides program and facilities management and maintenance, training, logistics, consulting, technical assistance and systems integration services, primarily for agencies of the U.S. government.
For the second quarter of fiscal year 2010, the MSS segment reported revenue of $284 million and operating income of $14 million, compared to revenue of $258 million and operating income of $15 m…