AECOM reports first-quarter fiscal year 2014 results
Quarter Highlights
• Free cash flow of $117 million; seventh-consecutive quarter exceeding net income.
• Backlog of $18.4 billion with $3.7 billion in new wins.
• Company invests $25 million to repurchase approximately 800,000 shares.
• Reported EPS of $0.58.
• Full-year targeted diluted EPS range of $2.50 to $2.60 for fiscal year 2014.
AECOM Technology Corporation reported first-quarter revenue of $2 billion and net service revenue1, of $1.2 billion. Operating income equaled $90 million, reported net income2 was $56 million, and diluted earnings per share equaled $0.58.
During the first quarter, the company recorded a gain in equity in earnings of joint ventures reflecting the increase in value of its AECOM Arabia joint venture due to its significant growth, expanded service offerings, and substantial market opportunities.The gain was a result of obtaining control of the joint venture requiring its consolidation. For comparison purposes, excluding non-cash, non-recurring adjustments to equity earnings, diluted earnings per share equaled $0.37.
|
First Quarter |
|||
|
($ in millions, except EPS) |
Q1 FY13 |
Q1 FY14 |
YOY % Change |
| Gross Revenue |
$2,017 |
$1,954 |
(3.1%) |
| Net Service Revenue1 |
$1,245 |
$1,151 |
(7.5%) |
| Operating Income |
$62 |
$90 |
46.0% |
| Net Income2 |
$38 |
$56 |
48.0% |
| Earnings per Share2 |
$0.36 |
$0.58 |
61.1% |
| Operating Cash Flow |
$67 |
$137 |
104.8% |
| Free Cash Flow3 |
$54 |
$117 |
115.3% |
*All comparisons are year over year unless noted otherwise.
“We continued to execute our long-term growth strategy during the quarter, as we saw solid growth opportunities across our key markets,” said John M. Dionisio, AECOM chairman and chief executive officer. “We are encouraged by the momentum in large construction-management wins along with a cautious resumption of U.S. federal project startups, now that a budget has been passed.”
“During the quarter, we won $3.7 billion in new projects, reflecting our strongest quarter ever for new wins,” said Michael S. Burke, AECOM president. “These wins enhance backlog and visibility, giving us increased confidence in the future – a future in which our ability to deliver an integrated-delivery offering of design, build, finance, and operations and maintenance diff…