Overview
- Aecom reported a fiscal third-quarter GAAP net loss of $86.7 million and a GAAP per-share loss of $0.67 with an adjusted loss of $0.50 per share.
- The company recorded $3.59 billion in reported revenue and $1.61 billion in adjusted revenue, creating a clear gap between headline sales and underlying revenue measures.
- Executives attributed the quarterly loss to a $337 million pre-tax charge tied to a Construction Management contract signed in 2019 that raised the projected cost to complete the job.
- The earnings miss pushed Aecom shares down about 5.5% in the next trading session and followed steep share declines of roughly 23% year-to-date and 38% over 12 months.
- Aecom kept full-year EPS guidance of $3.95 to $4.15 per share and said it expects to rebuild free cash flow, which investors will monitor for signs the project charge and operating trends are contained.