- First-quarter diluted earnings per share of 42 cents.
- Net income for the first quarter of $48 million.
- Revenue, net of other direct costs, for the first quarter of $1.2 billion.
- Revenue for the first quarter of $2.0 billion.
- Total backlog at Dec. 31, 2011, of $15.8 billion.
- First-quarter cash flow from operations improved by $173 million year over year.
- Diluted earnings per share range outlook of $2.45 to $2.65 for full fiscal year 2012.
AECOM Technology Corporation (NYSE: ACM), a leading provider of professional technical and management support services for public and private sector clients in more than 130 countries around the world, announced today its financial results for the first quarter of fiscal year 2012, which ended Dec. 31, 2011.
AECOM reported net income of $48 million for the first quarter and diluted earnings per share (EPS) of 42 cents for the first quarter. This represents a decrease of 16% from net income of $57 million and a decrease of 13% from diluted earnings per share of 48 cents for the same period last year. Operating income for the first quarter was $77 million, a decrease of 15% from the same period last year.
First-quarter revenue was $2.0 billion, a 5% increase from the first quarter of fiscal year 2011. 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 and excludes such pass-through costs, also provides a valuable perspective on its business results. First-quarter revenue, net of other direct costs, was $1.2 billion, representing a 1% increase over the same period last year. Organic revenue, net of other direct costs, for the first quarter increased 0.4% year over year. Organic revenue, net of other direct costs, excludes revenue, net of other direct costs, from acquired companies, which is defined as revenue, net of other direct costs, included in the current period up to 12 months subsequent to their acquisition date.
“Our results for the first quarter are in line with our expectations and consistent with what we discussed on our fourth-quarter earnings call. We maintain our outlook for the full year,” said John M. Dionisio, AECOM chairman and chief executive officer. “More importantly, we delivered key wins across our diversified platform during the quarter – highlighted by signifcant backlog growth in our emerging markets and across our geographies. We are well positioned to build on this momentum.”
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 public sector clients worldwide.
For the first quarter of fiscal year 2012, the PTS segment reported revenue of $1.8 billion and revenue, net of other direct costs, of $1.1 billion, compared to revenue of $1.6 billion and revenue, net of other direct costs, of $1.08 billion in the same period last year. This represents a 15% increase in revenue and a 1% increase in revenue, net of other direct costs. PTS segment operating income was $87.3 million compared to $91.6 million last year.
Management Support Services
The MSS segment provides facilities management and maintenance, training, logistics, consulting, technical assistance and systems integration services, primarily for agencies of the U.S. government.
For the first quarter of fiscal year 2012, the MSS segment reported reve…