LOS ANGELES (Aug. 5, 2010) — AECOM Technology Corporation (NYSE: ACM), a leading provider of professional technical and management support services for government and commercial clients around the world, announced today its financial results for the third quarter of fiscal year 2010, which ended June 30, 2010.
AECOM reported net income of $65 million for the third quarter, or diluted earnings per share (EPS) of 56 cents. These results represent an increase of 30% over net income of $50 million – and an increase of 24% over diluted EPS of 45 cents – for the same period last year. Operating income for the third quarter increased to $93 million, 26% higher than the same period last year. For year-to-date fiscal year 2010, AECOM reported net income of $169 million and operating income of $242 million, an increase of 28% and 14%, respectively, compared to the same period last year.
Third-quarter revenue increased to $1.6 billion, 6% higher than the third 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 third-quarter revenue, net of other direct costs, increased to $1.1 billion, 9% higher than the same period last year. For year-to-date fiscal year 2010, AECOM reported revenue of $4.7 billion and revenue, net of other direct costs, of $3.1 billion, an increase of 5% and 9%, respectively, compared to the same period last year.
“Our efforts to leverage AECOM’s market and geographic diversification – as well as a growth model that balances organic and acquisitive growth – have served us well, as we continue to deliver industry-leading performance,” said John M. Dionisio, AECOM president and chief executive officer.
“The trajectory of our organic growth, which improved five percentage points over the second quarter, combined with the four acquisitions that we have announced since May reflect our ability to execute our growth strategy. Our acquisitions of INOCSA; Tishman and Davis Langdon; and McNeil Technologies strengthen our positions in high-speed rail, turnkey construction services, and intelligence services for the U.S. government, respectively – all high-growth, higher-margin markets,” Dionisio said. “In total, these acquisitions are expected to add approximately $1.7 billion in annual gross revenue and 5,800 employees to our growing enterprise.”
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 2010, the PTS segment reported revenue of $1.34 billion and operating income of $108 million, compared to revenue of $1.26 billion and operating income of $81 million for the same period during fiscal ye…