Aecom Beats Q2 Estimates, Lifts FY15 Forecast

reported stronger-than-expected results for its fiscal second quarter and lifted its forecast for the full year. The Los Angeles, California-based company posted quarterly net income of $266,000, or less than $0.01 per share. Excluding one-time items, the company earned $0.58 per share. Its revenue climbed 141 percent year-over-year to $4.51 billion. However, analysts were expecting a profit of $0.53 per share on revenue of $4.43 billion. The average estimate among 4 Estimize users was for earnings of $0.54 per share and revenue of $4.57 billion. Revenue at its Design & Consulting Services segment rose 56 percent to $2 billion in the quarter, while Construction Services segment's revenue came in at $1.6 billion during the quarter. Revenue at Management Services segment surged 266 percent to $829 million in the latest quarter. At March 31, 2015, total backlog was $40.7 billion. As of March 31, 2015, the company had $613 million in total cash and cash equivalents. "We delivered strong organic revenue growth and made substantial progress on our integration priorities," said Michael S. Burke, AECOM's chairman and chief executive officer. "The solid results we delivered today reflect our global leadership position and the complementary skill sets we have integrated over time. We are on track with our vision to become the world's premier fully integrated infrastructure services firm, and our addressable market opportunity has never been greater." Aecom projects FY15 adjusted earnings of $3.15 to $3.55 per share, versus earlier forecast of $2.75 to $3.35 per share. Analysts expect earnings of $2.92 per share. Aecom shares rose 0.44 percent to close at $31.75 yesterday.