Aecom (ACM) Q1 FY2024 earnings: revenue $3.9 billion, up 15.3% on the year

Aecom (ACM) reported revenue of $3.9 billion for Q1 FY2024, the quarter ended 31 December 2023, up 15.3% on the same quarter a year earlier. Net income was $94 million, up 7.4% on the year, and diluted earnings per share $0.69. The figures are the company's own, from the 10-Q it filed with the SEC on 7 February 2024.

Revenue$3.9 billionup 15.3%

Net income$94 millionup 7.4%

Diluted EPS$0.69

QuarterQ1 FY2024ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	3,900	3,842	n/a	n/a
Cost of revenue	3,656	3,590	n/a	n/a
Gross profit	244	252	n/a	n/a
Gross margin	6.3%	6.6%	n/a
Operating income	163	80.4	n/a	n/a
Operating margin	4.2%	2.1%	n/a
Interest expense	41.3	41.4	n/a	n/a
Pre-tax income	137	56.8	n/a	n/a
Income tax	26.7	9.2	n/a	n/a
Effective tax rate	19.5%	16.2%	n/a
Net income	94.4	25.5	n/a	n/a
Net margin	2.4%	0.7%	n/a
Diluted EPS	$0.69	$0.18	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	143	285	n/a	n/a
Capital expenditure	56.2	22.3	n/a	n/a
Free cash flow	86.8	263	n/a	n/a
Free cash flow margin	2.2%	6.8%	n/a
Cash from investing	-86.8	-31.7	n/a	n/a
Cash from financing	-126	-269	n/a	n/a
Depreciation and amortisation	43.3	44.7	n/a	n/a
Share-based compensation	15.1	5.0	n/a	n/a
Buybacks	92.1	234	n/a	n/a
Dividends paid	24.5	24.9	n/a	n/a
Diluted shares, weighted	137m	139m	n/a	n/a
Shares outstanding at period end	136m	136m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	2,247	2,212	n/a	n/a
Non-controlling interest	181	171	n/a	n/a
Short-term borrowings	3.2	3.1	n/a	n/a
Debt	2,110	2,113	n/a	n/a
Operating lease liabilities	523	549	n/a	n/a
Finance lease liabilities	42.9	39.8	n/a	n/a
Other liabilities	6,282	6,145	n/a	n/a
Total liabilities and equity	11,390	11,233	n/a	n/a
Fixed assets	390	383	n/a	n/a
Goodwill	3,459	3,419	n/a	n/a
Intangible assets	20.7	17.8	n/a	n/a
Cash and equivalents	1,192	1,260	n/a	n/a
Receivables	2,525	2,544	n/a	n/a
Other assets	3,804	3,609	n/a	n/a
Total assets	11,390	11,233	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	3,842	3,900	3,944	4,151	4,110	4,014	3,772	4,178	4,175	3,831	3,801	3,586
Cost of revenue	3,590	3,656	3,683	3,866	3,816	3,746	3,481	3,851	3,845	3,550	3,505	3,620
Gross profit	252	244	261	285	294	268	291	327	331	281	296	-34.0
Gross margin	7%	6%	7%	7%	7%	7%	8%	8%	8%	7%	8%	-1%
Operating income	80.4	163	200	227	236	237	258	294	237	222	248	-76.0
Operating margin	2%	4%	5%	5%	6%	6%	7%	7%	6%	6%	7%	-2%
Interest expense	41.4	41.3	47.7	51.4	45.1	43.0	42.2	40.2	58.9	45.3	50.6	47.6
Pre-tax income	56.8	137	171	193	218	218	221	269	208	198	222	-107
Tax rate	16%	20%	27%	24%	16%	13%	23%	24%	28%	20%	12%	n/a
Net income	25.5	94.4	1.0	134	173	167	143	131	120	74.5	180	-86.7
Net margin	1%	2%	0%	3%	4%	4%	4%	3%	3%	2%	5%	-2%
Diluted EPS	$0.18	$0.69	$0.01	$0.98	$1.28	$1.25	$1.08	$0.98	$0.90	$0.56	$1.39	-$0.67
Operating cash flow	285	143	94.4	291	299	151	191	284	196	70.2	3.8	95.2
Capital expenditure	22.3	56.2	20.5	18.5	24.3	40.2	12.4	22.0	62.0	28.3	31.2	40.3
Free cash flow	263	86.8	73.9	273	274	111	178	262	134	41.9	-27.4	54.9
Buybacks	234	92.1	20.9	50.1	315	55.2	78.5	4.7	250	326	116	-0.0
Dividends paid	24.9	24.5	31.0	29.9	29.9	29.1	35.5	34.5	34.4	35.4	40.4	39.8
Shares outstanding	136m	136m	136m	136m	133m	133m	132m	132m	132m	129m	128m	129m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 December 2023, filed 7 February 2024, accession 0001104659-24-011234: the filing on EDGAR. All of Aecom's filings: EDGAR company page.

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