AECOM reports third quarter fiscal year 2019 results

LOS ANGELES — (BUSINESS WIRE) — August 6, 2019 — AECOM (NYSE: ACM), a premier, fully integrated global infrastructure firm, today reported third quarter fiscal year 2019 results.

 

Third Quarter

 

Year-to-Date Fiscal 2019

($ in millions, except EPS)

As Reported

Adjusted1
(Non-GAAP)

As Reported
YoY %
Change

Adjusted
YoY %
Change

 

As Reported

Adjusted1
(Non-GAAP)

As Reported
YoY %
Change

Adjusted
YoY %
Change

Revenue

$4,980

--

(3%)

--

 

$15,058

--

1%

--

Operating Income

$193

$226

20%

12%

 

$445

$621

79%

15%

Net Income

$84

$115

37%

14%

 

$213

$313

306%

4%

EPS (Fully Diluted)

$0.52

$0.72

41%

16%

 

$1.34

$1.97

319%

6%

EBITDA

--

$244

--

10%

 

--

$687

--

14%

Backlog

$58,866

--

10%2

--

 

 

 

 

 

Third Quarter and Year-to-Date Fiscal 2019 Accomplishments:

  • Revenue of $5.0 billion in the third quarter decreased by 3% over the prior year and included 10% organic3 growth in the Management Services segment and continued underlying growth in the Americas design business, which was offset by anticipated lower levels of storm recovery work in the U.S. Virgin Islands.
  • The DCS segment operating margin and adjusted operating margin1 of 7.2% and 7.4%, respectively, was at the highest level in three years, buoyed by the already-actioned $225 million G&A reduction plan and strong execution.
  • Net income and diluted earnings per share were $84 million and $0.52 in the third quarter, respectively, compared to $61 million and $0.37 in the prior year; on an adjusted basis, diluted earnings per share1 was $0.72, an increase of 16% from the prior year.
  • Third quarter adjusted EBITDA1 increased by 10% over the prior year to $244 million and year-to-date adjusted EBITDA increased by 14% to $687 million due primarily to higher margins and increased profitability in the DCS segment.
  • Year-to-date wins of $21.2 billion resulted in a 1.3 book-to-burn 4 ratio and 10% 2 total backlog growth to nearly $59 billion; backlog across all segments remains near-record levels.
  • The Company reiterated its full year financial guidance for adjusted EBITDA 1 growth of 12% at the mid-point of the $920-$960 million range, adjusted EPS 1 in the range of $2.60-$2.90; free cash flow 5 is now expected to be at the lower end of the annual $600 to $800 million guidance range due to the timing of collections, primarily related to storm recovery work in the U.S. Virgin Islands, which is expected to be fully funded by FEMA.

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