AECOM Increases FY24 Adj. EPS Guidance

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Swiss luxury goods group Compagnie Financiere Richemont AG reported Friday significantly higher profit in fiscal 2022 with strong growth in demand. The company also lifted its dividend, and announced a special dividend. Meanwhile, the shares were losing around 12 percent in the morning trading in Switzerland. Coeurd-Alene, Idaho-based White Cane Smoked Salmon LLC is recalling Wild Alaskan Cooked and Smoked Salmon as it contains undeclared wheat and soy, known allergens, the U.S. Food and Drug Administration said. The affected Alaskan Cooked and Smoked Salmon is packaged in vacuum bag, sold frozen, and there is no lot code or best by date on a package. Auto giant Ford Motor Co. (F) has issued a recall of about 39,000 2021 Expedition and Lincoln Navigator vehicles due to fire risk. The company has asked the customers of the recalled 2021 Ford Expedition and Lincoln Navigator SUVs to park their vehicles outside and away from structures while it investigates...
Follow RTT