Aecom Lowers 2018 Adj. EBITDA Outlook - Quick Facts

(RTTNews) - While reporting its first-quarter financial results today, Aecom Technology Corp. (ACM) lowered its fiscal 2018 adjusted EBITDA outlook from $910 million to $880 million, primarily due to the removal of two combined cycle gas power plant EPC projects from backlog that were expected to positively contribute to earnings this year.

Further, the company said that following management's strategic review of the company's risk profile and due to unfavorable market conditions, Aecom 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.

Aecom also said it intends to sell and exit certain non-core oil & gas operations.