Shares of Aecom (NYSE: ACM) were up 2.2% in morning hours on Thursday after it was reported that activist investor Starboard Value had urged the construction company to undertake a strategic review of its assets in order to unlock value. Starboard owns a 4% stake in Aecom.
Earlier this week, Aecom announced its plan to spin off its Management Services segment into a standalone government services company. The company expects to complete the deal in the second half of fiscal 2020. Starboard welcomed this decision.
Aecom believes that as an independent entity, the government services business will be well-positioned to pursue opportunities worth over $30 billion.
For its most recent quarter, Aecom saw revenues grow 5% year-over-year to $5 billion. Adjusted EPS was $0.69. Total backlog rose 22% to set a new record at $61 billion. The company expects adjusted EPS to be between $2.60 and $2.90 for fiscal-year 2019.
Over the trailing 52 weeks, Aecom’s shares have risen 11%. The stock has climbed over 42% so far this year.
Most Popular
Infographic: Square (SQ) Q4 earnings, revenue beat Street view
Payment solutions provider Square, Inc. (NYSE: SQ) Tuesday reported strong increase in fourth-quarter revenues and earnings. The results also topped the Street view. Fourth-quarter adjusted earnings moved up to $0.32
Key highlights from Intuit (INTU) Q2 2021 earnings results
Intuit Inc. (NASDAQ: INTU) reported second quarter 2021 earnings results today. Total revenue fell 7% year-over-year to $1.6 billion. Net income was $20 million, or $0.07 per share, compared to
Bitcoin is finding favor with major companies but is the risk worth it?
Bitcoin is hot news right now. The virtual currency has always been a topic of debate but since the start of 2021, it has been gaining popularity among analysts and
