Technical and management support services provider AECOM Technology Corp. (ACM), Thursday, posted higher profit for the third quarter, helped by 16% increase in revenues.
Net income available for common stockholders was $51.01 million, or $0.46 per share, compared with $38.42 million, or $0.37 per share, for the year-ago quarter.
On average, ten analysts polled by Thomson Reuters expected the company to report earnings of $0.44 per share. Analysts' estimates typically exclude special items.
Including income from discontinued operations of $1.22 million, which AECOM intends to divest, net income for the quarter was $51.12 million.
Income from continuing operations increased 30% to $49.90 million from $38.45 million a year ago.
Revenue for the latest quarter increased 16% to $1.531 billion from $1.321 billion for the same period in 2008. Eight analysts were looking for revenue of $1.59 billion for the quarter.
Management Support Services revenue increased 28% to $286 million from $224 million a year ago. Professional Technical Services revenue increased 14% to $1.2 billion from $1.1 billion for the prior-year period.
Commenting on the results, President John Dionisio said, "Our ability to expand client relationships and collaborate across our operations around the globe contributed to a successful third quarter."
For nine months ended June 30, net income available for common stockholders was $135.29 million, or $1.25 per share, compared with $103.64 million, or $1.00 per share, for the same period in 2008.
Including income from discontinued operations of $2.71 million, net income for nine months was $135.42 million.
Income from continuing operations was $132.71 million compared with $103.78 million a year ago.
Revenue for the nine months increased to $4.463 billion from $3.565 billion for the year-ago period.
Looking ahead, AECOM raised its earnings outlook range for fiscal 2009 to $1.65 - $1.70 from the prior range of $1.60 - $1.70, based on the third-quarter results as well as its backlog. Analysts expect earnings of $1.69 per share for the period.
ACM is currently trading at $30.05 on the NYSE, down $1.76 or 5.53%.
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