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LONDON, UK / ACCESSWIRE / May 25, 2018 / If you want access to our free research report on AECOM (NYSE: ACM), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=ACM as the Company's latest news hit the wire. On May 23, 2018, the Company announced that its wholly-owned subsidiary, JT4 Limited Liability Company (LLC), was awarded a 15-year, $3.1 billion contract from the US Air Force for Joint Range Technical Services (J-Tech II) to provide it with range support services. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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- The cost-plus-award-fee contract is expected to be completed by April 15, 2033.
- The value of this contract, along with previous contracts in this services sector, will be added to AECOM's backlog for Q3 2018.
- Through this contract, AECOM will continue to provide for operation, maintenance, and sustainment of the western test and training ranges.
- Work will be performed at the 412th Test Wing, California; Utah Test and Training Range, Utah; Nevada Test and Training Range, Nevada; the Naval Air Warfare Center Weapons Division, California; and the Space Test and Training Range, Colorado.
Award Underscores Continued Transformational Backlog Growth that AECOM is Driving in its Management Services Business
Commenting on the contract, Michael S. Burke, Chairman and Chief Executive Officer (CEO) of AECOM, stated that the Company is honored to continue its relationship with the US Air Force and Navy, serving as their primary partner for range support services. Burke added that leveraging AECOM's expanded capabilities and scale, this substantial award underscores the continued transformational backlog growth that the Company is driving in its Management Services business, which is also its highest-margin segment.
AECOM's Continued Partnership with US Air Force Speaks to its Success in Safely Supporting J-Tech II Program
John C. Vollmer, President of Management Services Group at AECOM, stated that, for many years, the Company has established an excellent track record of providing services through the J-Tech II program. Vollmer added that AECOM has supported testing and training missions with a commitment to safety, innovation, and operational excellence. The Company's continued partnership with the US Air Force and Navy speaks to its success in safely and successfully supporting this very important program.
AECOM Secured $3.6 Billion Contract from US Air Force in 2017
In October 2017, AECOM completed the transition phase for the 16-year contract for the US Air Force to provide range support services. The transition was completed on October 24, 2017. The $3.6 billion contract delivered by AECOM's Management Services business included award fee provisions. The Company provided critical mission and target management support for testing, tactics development, advanced training, and Air Force and Joint urgent operational needs missions at multiple locations in Nevada and California, to include the Nevada Test and Training Range, Leach Lake Training Range, and Nellis and Creech Air Force Bases.
Founded in 1990 and headquartered in Los Angeles, California, AECOM designs, builds, finances, and operates infrastructure assets for governments, businesses, and organizations in more than 150 countries. As a fully integrated firm, the Company connects knowledge and experience across its global network of experts to help clients solve their most complex challenges.
Stock Performance Snapshot
May 24, 2018 - At Thursday's closing bell, AECOM's stock slightly declined 0.09%, ending the trading session at $32.73.
Volume traded for the day: 662.40 thousand shares.
Stock performance in the past twelve-month period - up 0.58%
After yesterday's close, AECOM's market cap was at $5.26 billion.
Price to Earnings (P/E) ratio was at 37.75.
The stock is part of the Services sector, categorized under the Technical Services industry. This sector was up 0.2% at the end of the session.
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