- Fourth-quarter diluted earnings per share increased 29% year over year to 75 cents.
- Net income attributable to AECOM for the fourth quarter increased 29% year over year to $87 million.
- Operating income for the fourth quarter increased 35% year over year to $134 million.
- Revenue, net of other direct costs, for the fourth quarter increased 20% year over year to $1.4 billion.
- Revenue for the fourth quarter increased 16% year over year to $2.1 billion.
- Cash flow from operations for the fourth quarter increased 128% year over year to $262 million.
- Diluted earnings-per-share outlook of $2.45 to $2.65 provided for full fiscal year 2012.
AECOM reported net income attributable to AECOM of $87 million for the fourth quarter and diluted earnings per share (EPS) of 75 cents for the fourth quarter. This represents an increase of 29% over net income of $68 million for the same period last year and an increase of 29% over diluted earnings per share of 58 cents for the same period last year. Operating income for the fourth quarter increased 35% year over year to $134 million.
Fourth-quarter revenue was $2.1 billion, a 16% increase from the fourth quarter of fiscal year 2010. AECOM’s gross revenue includes a significant amount of pass-through costs and, therefore, the company believes that revenue, net of other direct costs, which is a non-GAAP measure, also provides a valuable perspective on its business results. Fourth-quarter revenue, net of other direct costs, was $1.4 billion, representing a 20% increase over the same period last year. Organic revenue, net of other direct costs, for the fourth quarter increased 7% year over year.
For the full fiscal year 2011, AECOM reported net income attributable to AECOM of $276 million and diluted EPS of $2.33. This represents an increase of 16% over net income of $237 million for the same period last year and an increase of 14% over diluted EPS of $2.05 for the same period last year. Operating income for the full year increased 24% year over year to $421 million. For fiscal year 2011, the company’s revenue, net of other direct costs, increased 23% to $5.2 billion, while revenue for fiscal year 2011 was $8.0 billion — 23% higher than fiscal year 2010.
“Overall, 2011 was a good year for AECOM,” said John M. Dionisio, AECOM chairman and chief executive officer. “During the year, we integrated a number of acquisitions, which strengthened our capabilities in important end markets, including construction, power, energy, mining, and cyber security and intelligence. This enabled us to deliver record new wins of $9.3 billion, backlog of $15.6 billion and earnings growth of 14%.”
“We are poised for continued growth in 2012 with strong positions in the world’s most robust and well-funded infrastructure markets,” Dionisio added. “Looking ahead, we will focus our global resources on our best and most profitable opportunities across our diversified end markets and geographies. Finally, we will continue to focus on increasing cash flow and improving working capital and margins as well as effective capital allocation.”
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 fourth quarter of fiscal year 2011, the PTS segment reported revenue of $1.9 billion and revenue, net…