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AECOM Technology's CEO Discusses F1Q2012 Results - Earnings Call Transcript

Important information about our earnings is posted to the investor website investors.aecom.com. We posted our earnings release and updated financial statements on the slide for anyone who still needs access. Note that we are using some non-GAAP financial measures as references in the presentation. The appropriate GAAP financial reconciliations are posted on our website as well.

Finally, a replay of today’s call will be posted to the website at around middle eastern time and will remain there for approximately two weeks. Please turn to slide number three. Beginning today’s call and presentation is John M. Dionisio, Chairman and Chief Executive Officer. John, please go ahead.

John Dionisio

Thank you, Paul. Good morning everyone and thank you for joining our call. Here with me today are Mike Burke, our President; Steve Kadenacy our CFO; and Jane Chmielinski our COO. After my introduction, I will hand it over to Steve who will review our financial results. Mike will cover our outlook, future book of business and capital allocation strategy and I will discuss our markets.

We have several objectives on our call today. First is to provide you with an overview of our quarterly financial performance and the drivers behind the performance. Second, we will reaffirm our 2012 earnings per share guidance range and we will set forth our plan on how we will achieve the $2.45 to $2.65 range this year.

And then we are going to update you on our most important operating initiatives driving new growth and momentum inside our business. We will then begin the question-and-answer session.

With that I would like to turn the call over to Steve for our review of the quarter. Steve, please go ahead.

Steve Kadenacy

Thanks, John. Please turn to slide 4. We reported earnings per share of $0.42 for the first quarter. As we noted on our fourth quarter call, this quarter would be lighter than our historical average in terms of the percentage of annual earnings. The three items impacting the quarter specifically were our European transition costs and certain unrecoverable costs on two MSS projects. One, that now is completed and another that is scheduled to be completed in the second quarter.

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