Global infrastructure firm AECOM Technology (NYSE:ACM) exceeded expectations with its quarterly earnings report amid an uptick in demand from its Americas and International business divisions.
The company reported earnings of $0.92 per share, surpassing consensus estimates of $0.88 per share – a significant improvement from the earnings of $0.83 per share reported a year ago.
In a statement, AECOM said that its margins expanded to a new high for a second quarter, resulting in highly profitable growth.
In terms of revenue, AECOM generated $3.49 billion for the quarter ended March 2023, compared to the previous year's revenues of $3.21 billion.
That figure also surpassed Zacks Consensus Estimate by around 5.4%.
AECOM's Americas segment increased its operating income by 9% on an adjusted basis to $182 million, while the International segment saw a similar increase of 9% to $60 million compared to the previous year-ago quarter.
Looking ahead, the firm noted that its total design backlog increased by 12% to a new record high, driven by “record quarterly wins,” according to a statement.
“Importantly, the company’s focus on winning what matters to transform long-term earnings power resulted in a record win rate and record level of proposals and bids submitted,” the company highlighted.
AECOM is maintaining its full-year guidance and expects to deliver adjusted earnings of between $935 million and $975 million and adjusted earnings per share (EPS) of between $3.55 and $3.75 for fiscal 2023.
Shares of AECOM were around 1.6% higher in premarket trading Tuesday.
--Updated with correct quarter--
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