AECOM (NYSE:ACM) triumphed on markets Wednesday, having declared second-quarter numbers.
The Los Angeles-based AECOM, a fully-integrated global infrastructure firm, revealed revenue of $5.0 billion in the second quarter, increasing by 5% over the prior year; organic revenue increased by 7%, highlighted by 14% and 10% growth in the Company’s higher-margin Management Services and Americas design businesses, respectively.
Net income and diluted earnings per share were $78 million and $0.49 in the second quarter, respectively, compared to net loss of $120 million and diluted loss per share of $0.75 in the prior year, which included a $168 million non-cash charge on non-core Oil & Gas assets held for sale; on an adjusted basis, diluted earnings per share was $0.69.
In Wednesday’s news release, AECOM said it continues to execute on its capital allocation priorities with $210 million of shares repurchased to-date under its $1 billion Board authorized repurchase plan; if the stock remains attractively valued, management expects to seek to expand its repurchase capacity and maximize value for its stockholders, while continuing to target achieving 2.5x net leverage by year end.
CEO Michael Burke said, "We delivered 17% adjusted EBITDA growth in the second quarter and 16% adjusted EBITDA growth in the first half of the fiscal year, which reflects strong execution on our $225 million G&A reduction plan that best positions us to maximize the profitability of our record $61 billion backlog."
Shares moved into noon hour Wednesday up 84 cents, or 2.5% to $33.95.
