Aecom Technology posts 4th-quarter profit

Aecom Technology posts 4th-quarter profit; results and outlook miss expectations, shares fall

Associated Press

NEWS: Aecom Technology Corp., which provides construction management and other services to governments and corporations, said that it made a profit in its fiscal fourth quarter from a year ago when it was hurt by a goodwill impairment charge. But its results and its 2014 outlook missed Wall Street expectations, sending its shares lower Tuesday.

DETAILS: Chairman and CEO John Dionisio said the company's improved performance reflects an increased mix of revenue and profit from emerging markets. Our diverse geographic footprint allows us to manage through various macroeconomic conditions around the globe," he said in a statement.

The company repurchased 14.4 million shares of stock in its fiscal year 2013.

NUMBERS: Net income rose to $76.6 million, or 77 cents per share, in the three months ended Sept. 30. That's compared with a loss of $224.9 million, or $2.05 per share, in the same quarter last year. Revenue slipped to $2.079 billion from $2.083 billion.

Analysts, on average, expected earnings of 79 cents per share and revenue of $2.06 billion, according to FactSet.

For the fiscal year, the company reported net income of $239.2 million, or $2.35 per share, reversing a loss of $58.6 million, or 52 cents per share, in its fiscal 2012.

FUTURE: For the fiscal year which ends September 2014, the company expects earnings between $2.35 per share and $2.45 per share. Wall Street was forecasting earnings of $2.68 per share.

The company said that its total backlog as of Sept. 30, was $16.6 billion, up 3 percent from a year ago. Backlog is a sign of a company's future revenue.

STOCK: Down $2.50 or 8 percent, to $28.80 in midday trading Tuesday. The stock remains up about 23 percent for the year.

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