Categories Industrials, U.S. Markets News
Activist investor wants Aecom to consider strategic options
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
CL Earnings: Key quarterly highlights from Colgate-Palmolive’s Q2 2024 financial results
Colgate-Palmolive Company (NYSE: CL) reported its second quarter 2024 earnings results today. Net sales increased 4.9% year-over-year to $5 billion. Organic sales increased 9%. Net income attributable to Colgate-Palmolive Company was $731
Key takeaways from Visa’s Q3 2024 earnings report
Credit card behemoth Visa, Inc. (NYSE: V) this week reported mixed results for the June quarter, with earnings matching expectations and sales slightly missing the view. Both numbers grew in
Southwest Airlines (LUV): A look at the airline’s performance in Q2 2024
Shares of Southwest Airlines Co. (NYSE: LUV) were up over 6% on Thursday after the company beat earnings estimates for the second quarter of 2024. The stock has gained 4%
