Aecom Technology CorporationACM
▼ NegativeCapitalrelevance
Missed Q2 estimates and lowered full-year guidance due to a large charge from a legacy project.
Impact on stocks 1
Climate Adaptation & Water
Aecom Technology CorporationAECOM reported second quarter results that missed Wall Street expectations on both revenue and adjusted earnings, prompting management to lower its full-year guidance. Revenue came in at $3.59 billion versus analyst estimates of $4.31 billion, a 14.2% year-on-year decline, while adjusted EPS was negative $0.50 compared to estimates of $1.46. The company attributed the shortfall primarily to a large charge related to delays and cost overruns on a legacy construction management project, with CEO Troy Rudd citing subcontractor productivity issues. Management lowered full-year adjusted EPS guidance to $4.05 at the midpoint, a 32.5% decrease, and set EBITDA guidance at $950 million, below analyst estimates of $1.28 billion. Backlog stood at $27.82 billion at quarter end, up 13.1% year on year.
Aecom Technology CorporationMissed Q2 estimates and lowered full-year guidance due to a large charge from a legacy project.