AECOM reports 62 cents EPS, backlog of $16.0 billion for third quarter of fiscal year 2011

 

• Diluted earnings per share for the third quarter increased 11% year over year to 62 cents.

 

• Net income from continuing operations for the third quarter increased 14% year over year to $74 million.

 

• Operating income for the third quarter increased 19% year over year to $110 million.

 

• Revenue, net of other direct costs, for the third quarter increased 24% year over year to $1.3 billion.

 

• Revenue for the third quarter increased 25% year over year to $2.0 billion.

 

• Backlog at June 30, 2011, increased 66% year over year to $16.0 billion.

 

AECOM reported net income from continuing operations of $74 million for the third quarter, or diluted earnings per share (EPS) of 62 cents.  These results represent an increase of 14% over net income of $65 million – and an increase of 11% over diluted EPS of 56 cents – for the same period last year.  Operating income for the third quarter increased to $110 million, 19% higher than the same period last year. 

AECOM’s third-quarter revenue, net of other direct costs, increased to $1.3 billion, 24% higher than the same period last year.  Organic revenue, net of other direct costs, increased 4% year over year. Third-quarter gross revenue increased to $2.0 billion, 25% higher than the third quarter of fiscal year 2010. 

For year-to-date fiscal year 2011, AECOM reported net income from continuing operations of $188 million and operating income of $288 million, an increase of 11% and 19%, respectively, compared to the same period last year.  For year-to-date fiscal year 2011, AECOM reported revenue, net of other direct costs, of $3.8 billion and revenue of $5.9 billion, an increase of 24% and 25%, respectively, compared to the same period last year.

“We had a solid third quarter, posting 11% earnings growth, driven by gains in organic and acquisitive net service revenue,” said John M. Dionisio, AECOM president and chief executive officer.  “We also recorded $2.7 billion in new wins, up from $2.2 billion in the second quarter, and organic backlog increased 18% year over year, the largest increase in over two years.

“Organic growth in the third quarter was led by strong results in Australia, Asia, and the Middle East.  AECOM’s expanding presence in these high-growth markets, in combination with our integrated platform, position us to capitalize on the full scope of infrastructure opportunities around the world.” 

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 third quarter of fiscal year 2011, the PTS segment reported revenue of $1.8 billion and operating income of $115 million, compared to revenue of $1.3 billion and operating income of $108 million for the same period during fiscal year 2010.  This represents a 33% increase in revenue and a 6% increase in operating income year over year.  PTS revenue, net of other direct costs, increased 21% year over year to $1.2 billion. 

Management Support Services

The MSS segment provides program and facilities management and maintenance, training, logistics, consulting, technical…