Aecom Technology Corp. on Thursday reported fiscal second quarter earnings that beat Wall Street expectations, although revenue was slightly lower than expected.
The downtown Los Angeles engineering and design firm reported net income of $58.5 million (51 cents a share), compared with $43.4 million (40 cents) a year ago. Revenue rose 7 percent to $1.6 billion.
Analysts surveyed by Thomson Reuters on average expected the company to earn 46 cents a share on revenue of $1.62 billion.
Aecom, which specializes in infrastructure projects such as mass transit and highways, said it continues to see accelerated growth through 2010 and raised full-year earnings guidance to between $1.97 and $2.05 a share. That’s up from an earlier forecast of $1.90 to $2. Analysts on average expect $1.99 a share.
Chief Executive John M. Dionisio said that the company’s global transportation and U.S. federal government markets were particularly strong.
“We continued to win new work across our diversified end markets and geographies in the second quarter of fiscal year 2010,” Dionisio said in a statement. “Our pipeline of new opportunities is solid and we continue to anticipate accelerated growth in the second half of the year.”
Shares closed down $1.32, or 4.5 percent, to $27.99 on the New York Stock Exchange.