AECOM Technology Q1 Profit Climbs, Tops View; Lifts FY14 Forecast - Quick Facts

(RTTNews) - AECOM Technology Corp. (ACM), a provider of professional technical and management support services, reported Tuesday that its first-quarter net income climbed 48 percent to $56 million from $38 million last year. Earnings per share grew 61.1 percent to $0.58 from $0.36 a year ago.

On average, nine analysts polled by Thomson Reuters expected earnings of $0.36 per share for the quarter. Analysts' estimates typically exclude special items.

During the first quarter, the company recorded a gain in equity in earnings of joint ventures reflecting the increase in value of its AECOM Arabia joint venture

Gross revenues declined 3.1 percent to $1.95 billion from last year's $2.02 billion, while analysts expected revenues of $2 billion. Net service revenue of $1.15 billion fell 7.5 percent from $1.25 billion a year ago.

New wins in the quarter of $3.7 billion were driven by strength in the company's construction services business as well as in the Management Support Services segment.

Looking ahead, AECOM now projects earnings per share for fiscal year 2014 of $2.50 to $2.60. Analysts expect earnings of $2.45 per share for the year. AECOM previously expected earnings in a range of $2.34 to $2.45.

The mid-point of the guidance range assumes flat NSR growth and a higher EBITDA margin.

AECOM reaffirmed its five-year cumulative free cash flow target of $1.3 billion to $1.8 billion, which includes fiscal years 2013 through 2017.