AECOM reports second quarter fiscal 2024 results

  • Delivered strong second quarter and first half financial performance
  • Increased financial guidance based on year-to-date operational outperformance and confidence in the second half of the year
  • Backlog reached an all-time high, driven by a continued near record win rate and strength in nearly all end markets
  • Strong cash flow enabled the return of $145 million to shareholders in the first half of the year through share repurchases and dividends, consistent with the Company’s returns-focused capital allocation policy

DALLAS — (BUSINESS WIRE) — May 6, 2024 — AECOM (NYSE: ACM), the world’s trusted infrastructure consulting firm, today reported second quarter fiscal 2024 results.

 

Second Quarter Fiscal 2024

(from Continuing Operations;

$ in millions, except EPS)

As Reported

Adjusted1
(Non-GAAP)

As Reported
YoY %
Change

Adjusted
YoY %
Change

Revenue

$3,944

--

13%

--

Net Service Revenue (NSR)2

--

$1,820

--

8%

Operating Income

$200

$240

2%

13%

Segment Operating Margin3

--

15.1%

--

+70 bps

Net Income

$111

$142

(6%)

10%

EPS (Fully Diluted)

$0.81

$1.04

(4%)

13%

EBITDA4

--

$268

--

10%

EBITDA Margin5

--

15.4%

--

+40 bps

Operating Cash Flow

$94

--

725%

--

Free Cash Flow6

--

$74

--

NM

Total Backlog

$23,745

--

3%7

--

Second Quarter Fiscal 2024 Highlights

  • Reflecting as reported performance from continuing operations, revenue increased 13% to $3.9 billion, operating income increased 2% to $200 million, the operating margin decreased 60 basis points to 5.1% due to restructuring-related expenses, net income decreased 6% to $111 million, and diluted earnings per share decreased 4% to $0.81.
  • Net service revenue2 increased by 8%, driven by the Water, Transportation and Environment end markets, where AECOM is ranked #1 by ENR, and a growing contribution from larger wins.
    • The net service revenue growth rate included an approximately 100 basis point headwind from fewer working days compared to the prior year period.
  • The segment adjusted 1 operating margin 3 increased by 70 basis points to 15.1% and the adjusted EBITDA margin 5 increased by 40 basis points to 15.4%; both metrics set a new second quarter record driven by the benefits of growth, operating efficiencies, and strong execution, while enabling strong investments in business development.
  • Adjusted 1 EBITDA 4 increased by 10% to a new record and adjusted 1 EPS increased by 13%; adjusted 1 EPS increased by 17% on an operational basis 8 , which was partially offset by a higher tax rate compared to the prior year.
  • Total backlog increased by 3% 7 to a record level driven by a continued high win rate and a growing contribution from larger wins that enhance long-term earnings visibility.

‒ Program Management backlog increased by 45% to a record high, with strength driven by large Transportation, Water, and energy transition related wins.

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