- Net income from continuing operations for the second quarter of $58 million.
- Revenue for the second quarter of $1.9 billion.
- Revenue, net of other direct costs, for the second quarter of $1.3 billion.
- Total backlog at March 31 of $15.4 billion.
- FY11 EPS guidance range increased to $2.35-$2.40 from $2.25-$2.35.
AECOM announced today its financial results for the second quarter of fiscal year 2011, which ended March 31, 2011.
AECOM reported net income from continuing operations of $58 million for the second quarter and diluted earnings per share (EPS) from continuing operations of 49 cents for the second quarter. This represents a decrease of 2% from net income from continuing operations of $59 million and a decrease of 4% from diluted earnings per share of 51 cents for the same period last year. During the quarter, the company ceased its operations in Libya, which had a negative $0.08 EPS impact. Operating income for the second quarter increased to $87 million, 5% higher than the same period last year.
Second-quarter revenue was $1.9 billion, a 21% increase from the second 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. Second-quarter revenue, net of other direct costs, was $1.3 billion, representing a 23% increase over the same period last year. Excluding the impact of Libya, organic revenue, net of other direct costs, increased 4% year over year.
For the first six months of fiscal year 2011, AECOM reported net income of $115 million and operating income of $178 million, an increase of 10% and 19%, respectively, compared to the same period last year, despite the negative impact from Libya. For the first six months of fiscal 2011, AECOM reported revenue of $3.9 billion and revenue, net of other direct costs, of $2.5 billion, an increase of 26% and 24%, respectively, compared to the same period last year.
“We saw continued organic growth, both in revenue and backlog, during the second quarter,” said John M. Dionisio, AECOM president and chief executive officer. “We are pleased that we were able to achieve solid results even with challenging external events, which we believe speaks to the resilience of our diversified business model and to the agility of our team around the world.”
“We are poised for continued strong performance as we capitalize on organic-growth opportunities around the world and drive revenue and cost synergies from recent acquisitions. With the fiscal year 2011 federal budget now in place, we expect to see a meaningful increase in our U.S. government business during the second half of the year,” Dionisio said.
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 2011, the PTS segment reported revenue of $1.6 billion and operating income of $92 million. This represents an increase of 25% from revenue of $1.3 billion for the same period last year and a decrease of 6% from operating income of $97 million for the same period last year. The company’s withdrawal from Libya negatively impacted PTS segment results.
PTS revenue, net of other direct costs, increased 19% for the second quarter of fiscal year 2011, to $1.1 billion….