AECOM在11月12日报告其最新季度和年终结果时提供了一些好消息，记录了这两个收入的记录，2018财年和积压在2018财年上涨8％至20.2亿美元，增长14％至541亿美元。

But the design-build giant's profit picture was less rosy, with net income down 5% for the fourth quarter year over year to $84 million, and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the year at $233 million, below analysts' consensus of $277 million. Analysts said it was the third consecutive annual EBITDA decline.

的同情ny pointed to factors that include delayed asset sales in its AECOM Capital unit, business shortfalls in the Middle East and in the UK and what Chairman and CEO Michael S. Burke referred to as "execution challenges" in its construction segment that he said were "were avoidable and unacceptable."

AECOM证实，建筑服务单位丹尼尔·麦克奎德总统于2015年以来，已被公司首席运营官Randy Wotring取代。该公司没有说，如果和当有一个名叫McQuade持有的职位的后续何时，它就据说它被称为据称。

While the firm was optimistic in its 2019 outlook, Burke outlined key strategies aimed at reducing its risk profile and boosting profits. These include plans for a $225-million cut in expenses, largely to occur in the first half of next year and related to its design and consulting group.

AECOM did not confirm whether staff cuts are part of the cost reduction.

Burke reiterated that the company had reduced volume related to power plant design and construction, with the firm previously saying it would exit fixed-price combined-cycle gas power plant work. It said the Alliant Energy Riverside CCPP is on schedule and budget.

Burke said the "challenges across its construction services unit impacted our results, including right down to the fourth quarter on a handful of projects." But the firm declined to provide details or identify projects on which it has construction execution issues.

知识渊博的行业来源点估计，估计的加利福尼亚州长海滩的14亿美元杰拉德德·德蒙德桥，2017年通过AECOM收购的Shimmick Construction，导致建设合资企业。源引用甲板张力规范的问题，并在码头安装中增加了工作。Duane Kenagy，Long Beach港口的资本计划高管表示，基金会安装刚刚完成“而这座桥开始塑造，”计划仍然将在明年第四季度开放。

Even so, project difficulties have resulted in writeoffs for AECOM-Shimmick and other contractors. "It will be a break-even at best," says one executive.

Virginia Express Lanes Project

还引用了可能的执行困难是弗吉尼亚州北北部的5000万美元I-395 Express Lanes项目，其中Aecom在私人特许权安排中由收费运营商跨界领导的团队。该项目将于明年年底设定为开放，但消息人士称设计尚未完成。弗吉尼亚州DOT发言人没有通过发布时间进行响应。

Industry executives also point to signals from AECOM that it may exit its investor role in construction public-private partnerships, following a moveannounced last month by Skanska AB.

对于AECOM而言，这些项目可能包新利18备用网址括45亿美元的LAGUARDIA机场飞机的特许权，可能是14亿美元的密歇根州I-75现代化项目，其设计 - 建立金融维持交易设定为截至年底关闭。AECOM和John Laing是主要股权投资者。

艾奕康科技今年早些时候收购未果to privately develop the Kansas City international airport's new single terminal, teamed with Burns & McDonnell. City officials instead chose a competing proposal from developer Edgemoor, which now is proceeding.

AECOM says the firm remains committed to the firm's concessions unit, equity investments and the design, build, finance and operate strategy. A company spokesman says the firm is "actively engaged in closing" the I-75 deal.

AECOM是否变得太快了？

一个行业主管推测AECOM是否太快了。“分析师塞利斯的杰米库克斯·苏士士表示，投资公司“以[建设服务]的战略重要性奋斗和/或是否有更多空间来缩小投资组合和/或简化组织。”

AECOM emphasized its construction capabilities and plans to pursue "a sizable pipeline of opportunities." It noted the designation last month of a Carlyle Group-led team as preferred developer for Terminal 1 at New York City's JFK Airport, an estimated $7-billion project on which it says AECOM Tishman and The Walsh Group will be the joint-venture construction manager.

AECOM reported strong growth in the Americas, particularly pointing to storm recovery and transportation sector growth, including California voters decision on Nov. 6 to reject Proposition 6, which would have repealed a key project funding tax hike enacted last year.

But AECOM also noted plans so shrink its global footprint, with plans to exit 30 countries producing limited revenue and "focusing management time in markets with greater opportunities," said Burke. The firm did not identify country markets it will drop.

结果在英国“低于预期”，伯克表示，Brexit不确定性促使其2019年3月的实施日期附近，但不会离开那个市场。AECOM还报告了中东收入下跌5％的堕落，但伯克预测明年在明年的油价上涨的“更好的前景”。他还指出，澳大利亚的墨尔本，澳大利亚过境Megaproject和增长潜力在香港的强大基础设施市场上指出了一项关键合同奖。

Government Work

Executives were also bullish on opportunities in management services, with quarter revenue up 14% and backlog up 120% since the start of 2017, Burke touted the firm's "leading position" in federal defense and energy program consulting and noted "a good pipeline in remediation" in the U.S. Defense Dept.

Burke said AECOM has engaged consultant Bain & Co. in a review of its operations, looking for ways to "derisk" its portfolio and continuing to
"evaluate ... where to place our bets." He did not provide added detail to analysts.

Andrew Wittman, construction sector lead analyst at Baird Equity Research, credited the revenue surge, but commented in a Nov. 12 investor report that "management's inability to deliver profits continues to negatively surprise even the most bearish of observers," adding that AECOM's "board and investors have been surprisingly patient with chronic underperformance; we believe fiscal 2019 is a make or break year."