Aecom Technology Corp., a provider of technical and management support services to businesses and government agencies, said Thursday its fiscal fourth-quarter profit rose 27 percent as fewer expenses offset a slight drop in sales, but forecast 2010 earnings below analysts' estimates.
Net income rose to $54.3 million, or 48 cents per share, for the period ended Sept. 30, from $43.5 million, or 41 cents per share, in the prior-year period. Revenue slipped less than 1 percent to $1.63 billion from a year ago.
Analysts polled by Thomson Reuters expected a profit of 46 cents per share on slightly higher revenue of $1.67 billion.
For the fiscal year, the company earned $189.7 million, or $1.73 per share, compared with $147.2 million, or $1.41 per share, a year ago. Revenue rose 18 percent to $6.12 billion from $5.19 billion. Analysts had predicted earnings of $1.69 per share and revenue of $6.15 billion, on average.
Aecom said its backlog totaled $9.5 billion as of Sept. 30, representing a 10 percent increase over the same time last year.
The company forecast fiscal 2010 profit in the range of $1.90 to $2 per share, below the average $2.02 per share estimate of analysts.
Shares added $2, or 7.9 percent, to $27.47 in afternoon trading.