AECOM raises fiscal 2024 EBITDA guidance as Q2 revenue rises 13%
AECOM reported second-quarter fiscal 2024 results for the quarter ended March 31, 2024, with revenue up 13% to $3.9 billion, while net income from continuing operations fell 6% to $111 million and diluted EPS fell 4% to $0.81 as reported. The company raised its fiscal 2024 adjusted EBITDA guidance, which matters to shareholders because it signals management's confidence in the full year despite a $103 million loss from discontinued operations.
- Revenue rose 13% to $3.9 billion; net service revenue rose 8% to $1.8 billion.
- Fiscal 2024 adjusted EBITDA guidance raised to between $1,070 million and $1,105 million; adjusted EPS guidance is $4.35 to $4.55.
- As-reported diluted EPS fell 4% to $0.81; a $103 million loss related to the 2021 civil construction business sale was recorded in discontinued operations.
- The company returned $145 million to shareholders in the first half of fiscal 2024 through share repurchases and dividends.