Q4 EPS increased 21% year over year and backlog grew 55% to $14.7 billion.
| Fourth-quarter diluted earnings per share increased 21% year over year to 58 cents. |
| Net income from continuing operations for the fourth quarter increased 25% year over year to $68 million. |
| Revenue for the fourth quarter increased 12% year over year to $1.8 billion. |
| Revenue, net of other direct costs, for the fourth quarter increased 14% year over year to $1.1 billion. |
| Total backlog at Sept. 30 increased 55% year over year to $14.7 billion. |
| Diluted earnings-per-share outlook of $2.20 to $2.30 provided for full fiscal year 2011. |
AECOM announced today its financial results for the fourth quarter and full fiscal year ended Sept. 30, 2010.
AECOM reported net income from continuing operations of $68 million for the fourth quarter and diluted earnings per share (EPS) from continuing operations of 58 cents for the fourth quarter. This represents an increase of 25% over net income of $54 million for the same period last year and an increase of 21% over diluted earnings per share of 48 cents for the same period last year.
Fourth-quarter revenue was $1.8 billion, a 12% increase from the fourth quarter of fiscal year 2009. 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 $1.1 billion, representing a 14% increase over the same period last year. Organic revenue, net of other direct costs, for the fourth quarter increased 3.8% year over year.
For the full fiscal year 2010, AECOM reported net income from continuing operations of $237 million and diluted EPS from continuing operations of $2.05. This represents an increase of 27% over net income of $187 million for the same period last year and an increase of 21% over diluted EPS of $1.70 for the same period last year.
For fiscal year 2010, the company’s revenue, net of other direct costs, increased 10% to $4.2 billion, while gross revenue for fiscal year 2010 was $6.5 billion – 7% higher than fiscal year 2009.
“2010 was a year of many noteworthy achievements for AECOM,” said John M. Dionisio, AECOM president and chief executive officer. “We furthered our strategy of diversification with the completion of five strategic acquisitions, and we continued to win work on the most prestigious projects around the world.
“During the fourth quarter, we won more than $2 billion in new work across our geographies and end markets,” Dionisio said. “We are poised for continued forward momentum in 2011 and beyond with our balanced business model, global platform of integrated services and focus on high growth end markets and geographies.”
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 2010, the PTS segment reported revenue of $1.5 billion and operating income of $120 million. This represents an increase of 15% from revenue of $1.3 billion for the sam…