Technical and management support services provider AECOM Technology Corp. (ACM) reported Tuesday an increase in first-quarter profit, helped mainly by a 2% growth in revenue. Earnings per share surpassed the Street view, but revenue came in below analysts' estimate. The company also reaffirmed its earnings guidance range for the full year, with the consensus estimate lying closer to the high-end of the range.
For the first quarter, net income attributable to AECOM rose to $45.78 million or $0.40 per share from $40.91 million or $0.38 per share in the previous year. On average, 10 analysts polled by Thomson Reuters expected the company to report earnings of $0.39 per share for the first quarter. Analysts' estimate typically excludes special items.
Revenue for the quarter increased 2% to $1.48 billion from $1.45 billion. Eight analysts were expecting revenue of $1.53 billion in the first quarter.
Revenue, net of other direct costs, improved 8% year-over-year to $962.33 million from $890.59 million.
Segment-wise, Professional Technical Services revenue increased 2% to $1.20 billion from $1.23 billion, while Management Support Services revenue surged 24% to $276 million from $223 million in the same period last year.
Operating income dipped 5% to $65.49 million from $69.09 million because of $8.2 million of one-time charges related to a severance charge in the United Kingdom and marketing and branding expenses related to AECOM's first-quarter global brand launch. General and administrative expenses rose to $21.86 million from $17.25 million.
Interest expense for the three month period declined sharply to $975 thousand from $3.59 million in fiscal 2009.
The company noted that backlog as of December 31, 2009, was $10.0 billion, up 11% from a year earlier.
Looking ahead to fiscal 2010, the company reaffirmed its earnings guidance of $1.90 - $2.00 per share. Analysts are currently looking for earnings of $1.98 per share for the full year.
ACM is currently trading at $27.10, up $1.30 or 5.04%, on the NYSE.
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