AECOM reports its fiscal results for 2015Engineering
Los Angeles-based AECOM reported its financial results on November 10 for its 2015 fiscal year. AECOM is a multi-disciplinary engineering and construction company which counts among its global employees approximately 7,000 employees in Canada. The company acquired URS, another mega-sized international engineering company, at the end of 2014.
For the 12 month financial reporting period, AECOM reported revenues of $17,990 million, compared with $8,357 million in 2014, an increase of 115%.
Operating income, however, was $129 million in 2015, 63% less than the $353 million for 2014. A net loss of $155 million was reported for 2015, compared to net income of $230 million for 2014.
Adjusted earnings per share (EPS) were $3.08 for 2015, compared to $2.69 for 2014. Cash flow was up this year at $695 million, compared to $298 million for last year. The backlog stands at $40,199 million this year, 60% higher than $25,083 in 2014.
Michael S. Burke, AECOM’s chairman and chief executive officer, said: “Fiscal 2015 was a remarkable year for AECOM. We completed the largest combination in our industry’s history. Despite the attention to integration and uneven global economic trends, our results and outlook reflect the benefits of our diversification.”
The company said that “wins” in the fourth quarter of $4.7 billion were driven primarily by the design and consulting services business in the Americas, and the company’s management services business.
As its financial highlights, the company listed the following:
- Increasing synergy savings target to $325 million from $275 million.
- Free cash flow of $268 million in the fourth quarter; full-year free cash flow of $695 million.
- Company affirms fiscal 2016 and 2017 annual $600 million to $800 million free cash flow target.
- Q4 debt reduction of $166 million; $720 million in FY15 since the close of the URS transaction.
- Adjusted EPS of $0.95 in Q4 and $3.08 in FY15.
- Wins of $4.7 billion in Q4 and $18.7 billion in FY15; full-year book-to-burn of 1.04x.
- Company initiates fiscal year 2016 adjusted EPS guidance of $3.00 to $3.40.
To read the company’s November 10 report, click here.