Shares of Aecom Technology Corp. rose nearly 8 percent on Tuesday after the company reported lower fiscal first quarter revenue and profit that beat Wall Street expectations.
The Los Angeles provider of professional, technical and management support services reported net income of $38 million (36 cents a share), 21 percent lower than in the same period a year earlier. Revenue fell 1 percent to $2.02 billion.
Analysts surveyed by Thomson Reuters on average expected the company to earn 30 cents a share on revenue of $2.01 billion.
In guidance for the year, Aecom now expects net income in the high end of its previous range of $2.40 to $2.50 a share. The Wall Street consensus average is $2.45 a share.
In a conference call with analysts, Chief Executive John Dionisio noted that the company’s backlog of work is up 8 percent to a record $17.1 billion, and employees continue to help hold down costs and increase productivity.
“Despite the global macroeconomic headwinds, we started 2013 stronger than in the last few years and we are well positioned to take advantage of the growth opportunities ahead,” Dionisio said.
Shares close up $1.95, or 7.7 percent, to $27.26 on the New York Stock Exchange.
For reprint and licensing requests for this article, CLICK HERE.