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AECOM 3Q Earnings Top Street Forecast, Revenue Misses on Energy Market Headwinds

AECOMAECOM (NYSE: ACM) reported third fiscal quarter earnings above the consensus analyst outlook Tuesday as revenue for the period fell year-over-year on continued softness in the oil and gas markets with exacerbated effects from the mid-year fire in Fort McMurray, Canada.

Earnings for the quarter ended June 30 came in at 81 cents per share to exceed Wall Street’s expectation of 70 cents EPS as net income totaled $67.4 million in a reversal from a $17.2 million loss posted in the same period last year.

Third quarter revenue for the GovCon Index-listed company declined 3.09 percent to $4.41 billion with all three segments down from the prior year’s April-June period as declines within the energy market were offset by added sales in the building construction business.

Wall Street analysts expected AECOM to report $4.55 billion in third quarter revenue.

Crude oil futures in New York fell below $30 in January for the first time in 14 years and both that price and the international Brent benchmark in London were down as much as 70 percent over two years on a global supply glut.

The company held to its earnings guidance of $3.00-$3.40 per share for the fiscal year ending Sept. 30 versus analyst forecasts of $3.25.

As of Monday’s close, shares in AECOM have climbed 19.21 percent since the start of the year and are up 16.39 percent over 12 months.

By comparison, the GovCon Index has risen 8.27 percent on a year-to-date basis and added 10.75 percent for 52 weeks.

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