SEC Filings

8-K
AECOM filed this Form 8-K on 05/08/2018
Entire Document
 

Exhibit 99.1

 

 

Press Release

Investor Contact:

Will Gabrielski
Vice President, Investor Relations
213.593.8208

William.Gabrielski@aecom.com

Media Contact:

Brendan Ranson-Walsh
Vice President, Global External Communications
213.996.2367

Brendan.Ranson-Walsh@aecom.com

 

AECOM reports second quarter fiscal year 2018 results

 

LOS ANGELES (May 8, 2018) — AECOM (NYSE:ACM), a premier, fully integrated global infrastructure firm, today reported second quarter revenue of $4.8 billion. Net loss and diluted loss per share were $120 million and $0.75 in the second quarter, respectively, which includes a $168 million non-cash charge on non-core Oil & Gas assets held for sale. On an adjusted basis, diluted earnings per share(1) was $0.67.

 

($ in millions, except EPS)

 

As Reported

 

Adjusted 
(Non-GAAP)

 

As Reported 
YoY % Change

 

Adjusted 
YoY % 
Change

 

Revenue

 

$

4,791

 

 

8

%

 

Operating (Loss) Income

 

$

(44

)

$

179

(1)

NM

 

(5

)%

Net (Loss) Income

 

$

(120

)

$

109

(1)

NM

 

(23

)%

EPS (Fully Diluted)

 

$

(0.75

)

$

0.67

(1)

NM

 

(25

)%

Operating Cash Flow

 

$

118

 

 

NM

 

 

Free Cash Flow

 

 

$

95

(2)

 

NM

 

Backlog

 

$

49,936

 

 

18

%(3)

 

 

Second Quarter 2018 Accomplishments:

 

·                  Organic(4) revenue increased by 5%, which was led by growth in the higher-margin DCS and MS segments and marked the sixth consecutive quarter of positive organic growth.

 

·                  Wins of $6.9 billion were highlighted by a greater than 1 book-to-burn(5) ratio in all three segments; in addition, the Company has already delivered more than $6 billion of wins in April in MS, which will be added to backlog in the fiscal third quarter.

 

·                  Total backlog reached a new record of $50 billion, an 18%(3) increase over the prior year, which includes a continued favorable margin mix shift in backlog to the DCS and MS segments.

 

·                  Free cash flow(2) of $95 million contributed to $129 of free cash flow for the first half of fiscal 2018; the Company continues to expect annual free cash flow within its guidance range of between $600 million and $800 million.

 

Strategic Decisions and Financial Outlook:

 

·                  Following management’s strategic review of the Company’s risk profile and due to unfavorable market conditions, the Company will no longer pursue fixed-price combined-cycle gas power plant EPC projects.

 

·                  Importantly, construction of Alliant’s Riverside combined-cycle gas plant, AECOM’s only such project currently underway, is expected to be completed profitably and on schedule in 2019.

 

·                  The Company also intends to sell and exit certain non-core Oil & Gas operations.

 

·                  The Company is reducing its adjusted EBITDA(1) guidance from $910 million to $880 million, primarily from the removal of two combined cycle gas power plant EPC projects from backlog that were expected to positively contribute to earnings this year.

 

1