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Aecom Technology 1Q profit rises 37 percent

Aecom Technology Corp., a provider of technical and management support services to businesses and government agencies, said Tuesday its fiscal first-quarter profit grew 37 percent on strong demand for its services from transportation and other construction projects.
/ Source: The Associated Press

Aecom Technology Corp., a provider of technical and management support services to businesses and government agencies, said Tuesday its fiscal first-quarter profit grew 37 percent on strong demand for its services from transportation and other construction projects.

For the three months ended Dec. 31, the company's net income available to common stockholders was $40.9 million, or 38 cents per share, up from $29.5 million, or 29 cents per share, in the same period a year earlier.

The latest quarter's results exclude $400,000 in earnings from discontinued operations that were part of the 2008 acquisition of Earth Tech, which the company plans to divest.

Revenue rose 35 percent to $1.45 billion from $1.08 billion.

Analysts, on average, expected a profit of 38 cents per share on sales of $1.58 billion, according to a poll by Thomson Reuters.

The company reported a work backlog of $9 billion as of Dec. 31, a 32 percent increase year over year.

Aecom reiterated its earnings per share outlook of $1.60 to $1.70 per share for fiscal 2009.

Shares rose 45 cents to $27.75 in afternoon trading.