Financial Highlights
- Increasing synergy savings target to $325 million from $275 million.
- Free cash flow1 of $268 million in the fourth quarter; full-year free cash flow of $695 million.
- Company affirms fiscal 2016 and 2017 annual $600 million to $800 million free cash flow target.
- Q4 debt reduction of $166 million; $720 million in FY15 since the close of the URS transaction.
- Adjusted EPS2 of $0.95 in Q4 and $3.08 in FY15.
- Wins of $4.7 billion in Q4 and $18.7 billion in FY15; full-year book-to-burn3 of 1.04x.
- Company initiates fiscal year 2016 adjusted EPS4 guidance of $3.00 to $3.40.
LOS ANGELES — (BUSINESS WIRE) — November 10, 2015 — AECOM (NYSE: ACM), a premier, fully integrated global infrastructure firm, reported fourth-quarter revenue of $4.7 billion and fiscal-year revenue of $18.0 billion today. Net income5 and earnings per share5 were $1.1 million and $0.01 in the fourth quarter, respectively. The net loss5 and loss per share6 were $154.8 million and $1.04 for the full year. On an adjusted basis, diluted earnings per share2 were $0.95 for the fourth quarter and $3.08 for the fiscal year.
| Fourth Quarter | Fiscal Year | |||||||||||||
| ($ in millions, except EPS) | Q4 FY14 | Q4 FY15 |
YOY %
|
FY14 | FY15 |
YOY %
|
||||||||
| Revenue | $2,563 | $4,724 | 84% | $8,357 | $17,990 | 115% | ||||||||
| Operating Income | $103 | $95 | (7%) | $353 | $129 | (63%) | ||||||||
| Net Income (Loss)5 | $64 | $1 | (98%) | $230 | ($155) | NM | ||||||||
| Adjusted EPS2 | $0.83 | $0.95 | 15% | $2.69 | $3.08 | 15% | ||||||||
| Free Cash Flow1 | $162 | $268 | 66% | $298 | $695 | 133% | ||||||||
| Backlog | $25,083 | $40,199 | 60% | |||||||||||
Note: All comparisons are year over year unless otherwise noted. FY14 results included an extra week in the fourth quarter, which negatively impacts year-over-year growth rates.
“Fiscal 2015 was a remarkable year for AECOM,” said Michael S. Burke, AECOM’s chairman and chief executive officer. “We completed the largest combination in our industry’s history. Despite the attention to integration and uneven global economic trends, our results and outlook reflect the benefits of our diversification.”
“We are reiterating our annual free cash flow target of $600 million to $800 million and increasing our synergy target to $325 million,” said Stephen M. Kadenacy, AECOM’s president. “This is a sign of our increasing confidence in the combined business.”
Wins and Backlog
Wins in the quarter of $4.7 billion were driven primarily by the Design & Consulting Services business in the Americas and the Management Services segment. The book-to-burn ratio3 was 1.0. After adjusting for acquisitions, total backlog declined slightly from the previous quarter. The company’s total backlog was $40.2 billion on September 30, 2015.
Business Segments
In addition to providing consolidated financial results, AECOM reports separate financial information for its three segments: Design & Consulting Services (DCS), Construction Services (CS), and Management Services (MS).
Design & Consulting Services (DCS)
