UPDATE: Aecom Technology Posts Downbeat FQ4 Earnings, But Revenue Tops View
Aecom Technology (NYSE: ACM) reported weaker-than-expected earnings for the fiscal fourth quarter. However, the company posted upbeat quarterly revenue.
The Los Angeles, California-based company posted quarterly net income of $64 million, or $0.64 per share, versus $77 million, or $0.77 per share, in the year-ago period. Excluding certain items, the company's earnings rose to $0.79 per share from $0.77 per share.
Its revenue rose to $2.56 billion from $2.08 billion in the period. However, analysts were expecting earnings of $0.82 per share on revenue of $2.25 billion.
The company's net service revenue gained to $1.3 billion from $1.2 billion.
Revenue for the Professional Technical Services segment climbed 27% to $2.4 billion, while revenue for the Management Support Services segment slipped 9% to $201 million.
Cash flow from operations for the fourth quarter was $175 million and $361 million for the full year.
As of Sept. 30, 2014, the company had $574 million in total cash and cash equivalents and $1.0 billion in debt.
“We are pleased to report another strong quarter and fiscal year of free cash flow,” added President and Chief Financial Officer Stephen M. Kadenacy. “We have already begun integrating the two companies and are focused on delivering our targeted synergies.”
For the full year, Aecom projects earnings of $2.75 to $3.75 per share.
Aecom shares rose 0.67% to $33.00 in pre-market trading.
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