Aecom Technology Corp. reported a better-than-expected increase in fiscal third quarter profit but cut its guidance. Its shares slipped.

The Pasadena engineering and design company on Thursday reported net income of $73.8 million (62 cents per share), compared with $64.8 million (56 cents) in the same period a year earlier.

Revenue rose 22 percent to $2 billion, with professional technical services contributing $1.8 billion. The company also provides program and facilities management, maintenance and training services for U.S. government agencies, revenue from which was down 8 percent.

Analysts surveyed by Thomson Reuters on average expected per-share profit of 61 cents on revenue of $2.08 billion.

The company cut its full-year net income outlook to account for cost-reduction expenses. Aecom now expects full-year earnings of $2.30 to $2.35 a share, down from its prior guidance of $2.35 to $2.40.

“Continued challenges in our Western European business have led us to evaluate actions to reduce our cost structure, which may negatively impact our earnings by about 5 cents in the fourth quarter,” Chief Financial Officer Michael Burke said in a statement.

Shares were down $1.14, or 5.3 percent, to $20.25 in Friday midday trading on the New York Stock Exchange