On August 11, AECOM fell 9.28% in regular trading, trading at $65.56/share, with turnover of $9.57 million. The sharp decline was triggered by the company's fiscal Q3 earnings release, which revealed a dramatic swing from profit to loss alongside a massive downward revision in full-year guidance.
AECOM reported fiscal Q3 adjusted loss of $0.50 per diluted share, compared with earnings of $1.34 a year earlier, missing the analyst consensus estimate of $1.47 by 134%. Quarterly revenue came in at $3.586 billion, down approximately 14% year over year. Most critically, the company slashed its full-year adjusted EPS guidance to $3.95-$4.15, down from the prior range of $5.90-$6.10, representing a cut of over 30% and falling far short of the analyst consensus of $5.96. BofA Securities subsequently lowered its price target on AECOM to $81 from $94.50. Notably, just last quarter the company had raised full-year guidance and delivered a beat, making this quarter's reversal particularly jarring and indicative of a significant deterioration in operating conditions.
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