This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

AECOM Reports Fourth-quarter, Full-year Fiscal 2012 Results

AECOM Technology Corporation (NYSE: ACM) today reported its financial results for the fourth quarter and full year for fiscal 2012, which ended Sept. 30, 2012. The company reported fourth-quarter revenue of $2.1 billion. In addition, fourth-quarter revenue, net of other direct costs 1, was $1.3 billion. Due to the $336-million impairment charge ($317 million net of tax), the company reported an operating loss of $199 million, a net loss of $225 million, and a loss per share of $2.05 for the fourth quarter. Adjusted to exclude the goodwill impairment charge, operating income was $137 million, net income was $92 million, and diluted earnings per share was $0.83 in the fourth quarter.

During the fourth quarter, in connection with its annual goodwill impairment testing, the company concluded that an impairment of its goodwill existed within its Europe business and its Management Support Services (MSS) reporting unit. As a result, the company recorded a goodwill impairment charge of $2.88 per share or $317 million net of tax. In Europe, the impairment charge resulted primarily from the negative impact of economic trends, which drove a reduction in profit levels. The impairment in MSS was largely driven by the loss of revenue due to the precipitous drawdown of troops in Iraq during 2012. Based on the strong growth in profit in the second half of fiscal 2012, the company expects that both its Europe and MSS businesses will show strong growth in profitability in fiscal 2013. The impairment did not have any impact on the company’s compliance with its debt covenants, its cash flows or its operations.
    Fourth Quarter   Fiscal Year 2012

      YOY %      


($ in millions, except EPS)
  Q4 FY11   Q4 FY12   Change   FY11   FY12  

Reported Figures
Gross Revenue   $2,118   $2,083   (2%)   $8,037   $8,218   2%
Net Service Revenue 1   $1,359   $1,340   (1%)   $5,181   $5,184   0%
Operating Income   $134   ($199)   (249%)   $421   $54   (87%)
Net Income 2   $87   ($225)   (357%)   $276   ($59)   (121%)
Earnings per Share 2   $0.75   ($2.05)   (373%)   $2.33   ($0.52)   (122%)
Operating Cash Flow   $262   $226   (14%)   $132   $433   228%
Free Cash Flow 3   $231   $211   (9%)   $202   $370   83%
Adjusted Figures
Operating Income   $134   $137   2%   $421   $390   (8%)
Net Income 2   $87   $92   6%   $276   $259   (6%)
Earnings per Share 2   $0.75   $0.83   11%   $2.33   $2.30   (1%)

For purposes of comparison, the discussion below of results excludes the impact of the impairment charge unless noted otherwise. Also, all growth comparisons that follow are year over year unless noted otherwise.

“I am pleased with the progress that we made sequentially in the quarter on growth and profitability,” said John M. Dionisio, AECOM chairman and chief executive officer. “We won $2.3 billion in new wins during the quarter, driving backlog up 3% year over year to $16 billion. Our unyielding commitment to improved profitability lifted EBITDA margins to 12% — a record level for the fourth quarter. Our results clearly demonstrate the progress that we’ve made to drive a performance culture committed to improved growth, profitability and liquidity. For fiscal year 2013, we are targeting earnings per share of $2.40-$2.50, which reflects continued pressure on growth as a result of the global macro-economic climate.”

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.27 0.00%
FB $101.00 0.00%
GOOG $684.12 0.00%
TSLA $149.00 3.70%
YHOO $27.10 0.00%


Chart of I:DJI
DOW 15,914.74 -99.64 -0.62%
S&P 500 1,851.86 -0.35 -0.02%
NASDAQ 4,283.5920 +14.8290 0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs