Shares in Aecom Technology Corp. on Tuesday experienced their sharpest drop since the engineering company went public earlier this year because the company’s 2008 outlook disappointed investors. Nonetheless, the company reported strong earnings.

Aecom reported fourth quarter net income of $29 million (29 cents per share), an 81 percent surge from $16 million (20 cents per share) from the same period a year earlier, beating Wall Street’s expectations of 27 cents per share, according to Reuters Estimates.

Revenue for the Los Angeles-based company also rose 23 percent to $1.1 billion, the company said in a statement, matching analysts’ predictions. The strong earnings were credited in part to strength of both its professional technical services and management support services segments, the company said.

For fiscal year 2008, Aecom said it expects earnings between $1.19 and $1.26 a share, which leaves little wiggle room from analysts’ expectations of $1.26 per share.

Shares in Aecom were down 11 percent to $27.53 in afternoon trading Tuesday on the New York Stock Exchange.