AECOM Reports First-quarter Fiscal Year 2013 Results And Announces New $500-million Share Repurchase Authorization

AECOM Technology Corporation (NYSE: ACM) reported first-quarter revenue of $2.0 billion, and revenue, net of other direct costs 1, of $1.2 billion. Operating income decreased 19.3%* largely driven by previously discussed actions taken to better align the cost structure of its Australia business in light of the country’s slowdown in mining. These actions are factored into the company’s full-year EPS guidance. Reported net income attributable to AECOM in the quarter was $38 million, and diluted earnings per share were $0.36 for the first quarter.
       
      First Quarter
($ in millions,

except EPS)
    Q1 FY12     Q1 FY13    

YOY % Change
Gross Revenue     $2,029     $2,017     (0.6%)
Net Service Revenue 1     $1,231     $1,245     1.2%
Operating Income     $77     $62     (19.3%)
Net Income 2     $48     $38     (20.5%)
Earnings per Share 2     $0.42     $0.36     (14.3%)
Operating Cash Flow     ($6)     $67     NM
Free Cash Flow 3     ($25)     $54     NM
           

*All comparisons are year over year unless noted otherwise.

“We drove solid net service revenue improvement in Asia, Europe, management support services and in our civil infrastructure markets,” said John M. Dionisio, AECOM chairman and chief executive officer. “We booked $2.7 billion in new wins and increased our backlog by 8% to $17.1 billion. As expected, our results were negatively impacted by actions we took in Australia to align our business against the backdrop of a country-wide slowdown in mining. Excluding Australia, operating income margins in our professional technical services segment were up, reflecting progress against our longer-term margin target through cost-containment initiatives and improved execution. These results demonstrate that our diversified growth model, capital allocation strategy and performance culture are delivering as we work to further improve growth, profitability and liquidity.”

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