While reporting fourth-quarter results on Monday, AECOM (ACM) said it is ahead of schedule on delivering against fiscal 2024 targets, including nearly achieving the 15% segment adjusted margin target the company set for fiscal 2024 in the fourth quarter of current year. AECOM increased its fiscal 2024 adjusted EPS target to $4.75+ from $4.30+. The company reiterated guidance for a 15% segment adjusted operating margin by fiscal 2024.
For fiscal 2022, the company projects adjusted EPS in a range of $3.20 to $3.40. This guidance at the mid-point contemplates approximately 6% NSR growth, and an at least 14.1% adjusted operating margin. The company also expects free cash flow of between $450 million and $650 million. Analysts polled by Thomson Reuters expect the company to report profit per share of $3.24. Analysts' estimates typically exclude special items.
Fourth quarter adjusted net income attributable to AECOM from continuing operations per share was $0.81 compared to $0.60, a year ago. Analysts polled by Thomson Reuters expected the company to report profit per share of $0.77, for the quarter. Segment adjusted operating margin increased 210 basis points to 14.8%, a new quarterly record, the company said.
Net income attributable to AECOM was $96.17 million or $0.66 per share compared to a loss of $230.19 million or $1.44 per share, last year.
Fourth quarter revenue decreased 6% year-over-year to $3.4 billion. Revenue was up 1% after adjusting for the extra week in the prior year period. Analysts on average had estimated $3.38 billion in revenue.
Looking forward, the company also noted that it now has high conviction in delivering on its 17% longer-term margin goal.
Shares of AECOM were up 4% in pre-market trade on Monday.
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