AECOM Technology To Exit From Russia Immediately; Backs FY22 Outlook

Infrastructure consulting company, AECOM Technology Corporation(NYSE: ACM), joined an array of many other firms which decided to exit or limit services in Russia amidst the Russia-Ukraine conflict.

The company said on Monday that it has decided to exit from Russia, with immediate effect, in support of Ukranians who are suffering from "Russia's unlawful invasion."

AECOM also reiterated its guidance for fiscal 2022, saying the exit from Russia will not have any material impact on its financial.

Accordingly, the company still expects its EPS for the year to be in the range of $3.02 - $3.27, and adjusted EPS of $3.30 to $3.50.

Income from continuing operations is expected to be in the range of $437 million - $474 million.

However, in the second quarter, the company expects to take one-time pretax charges of $40 million to $50 million due to impairment of assets.

The cash impact of the move on the firm is anticipated to be around $10 million.

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