Financial Reports
AECOM Reports Solid Q2 2021 Net Income
Financial performance in the quarter improves to $45.3 million
The AECOM Canada Ltd. building in Richmond Hill, Ontario, Canada in 2018. Photo: Getty Images
AECOM reported net income of $45.3 million in the second quarter of its fiscal 2021, on revenue of $3.3 billion, compared to a net loss of $77 million on roughly the same revenue in last year's second quarter.
The company’s financial performance, released May 10, is even rosier when it comes to other income-related statistics.
Income in the quarter from operations is $158 million, compared to $110 million in the same 2020 fiscal quarter. Income from continuing operations was $93 million, compared to $54 million. Losses from discontinued operations, which are subtracted from income, fell sharply to $48 million, from $131 million in the same period of fiscal 2020.
The Los Angeles-based giant collected most of its quarter revenue in the Americas, $2.47 billion, with $796 million gained from work outside.
Total backlog of design and construction work is down 5%, due to a falloff in construction management backlog, the firm reported. But design business backlog is up 5% compared to the prior year.
In a note to investors, construction sector stock analyst Jamie Cook, a managing director of Credit Suisse, said AECOM "highlighted that clients' budgets have strengthened due to substantial COVID relief funding in the US, higher tax receipts and improving global economic conditions, resulting in accelerating award activity and strong wins in April."
The company noted in a statement it had improved its ENR Top 500 Design Firms ranking in the water design market segment to second place, "maintained its market-leading position in transportation and facilities design and remains the number one environmental consulting firm.”
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The firm leads ENR's Top 200 Environmental Firms ranking, reporting $4.4 billion in global 2019 environmental services work.
“I am proud of how our teams have come together against a backdrop defined by continued uncertainty and an uneven pace of recovery across the globe,” said W. Troy Rudd, AECOM chief executive officer in a news release.
