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AECOM Receives $24.3M Project in California, Increases Backlog
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Los Angeles-based AECOM Technical Services Inc., a subsidiary of AECOM (ACM - Free Report) , has won an award from the U.S. Department of Defense for environmental remediation services.
AECOM will work on this $24.3-million project in Lompoc, CA, which is scheduled to be completed by Nov. 26, 2034. The contracting activity involves the U.S. Army Corps of Engineers, Los Angeles, CA.
Strong Backlog Growth Bodes Well for AECOM
AECOM has been witnessing robust prospects in each of its segments. Currently, it has a good visibility of a strong backlog and pipelines for the upcoming quarters. Owing to the improving global scenario, which is fostering infrastructural demand, there has been an increase in demand for ACM’s services. This improving trend is reflected in the company’s backlog levels.
As of the end of the fourth quarter of fiscal 2024, the total backlog was $23.86 billion compared with $23.16 billion in the prior-year period. The current backlog level includes 50.8% contracted backlog growth. AECOM’s ability to consistently secure large, complex projects underpins its competitive advantage. The company maintains a win rate of more than 50% for large pursuits, which rises further for projects exceeding $25 million.
Image Source: Zacks Investment Research
Shares of this solutions provider for supporting professional, technical and management solutions have gained 36% in the past six months, outperforming the Zacks Engineering - R and D Services industry’s 3.4% growth. With the $1.2-trillion IIJA funding accelerating in the United States and the U.K. government prioritizing investments in infrastructure, led by the transportation and water markets, the company’s growth prospects in the market seem encouraging.
ACM’s Zacks Rank & Other Key Picks
AECOM currently carries a Zacks Rank #2 (Buy).
Here are some other top-ranked stocks from the Construction sector.
It has a trailing four-quarter earnings surprise of 21.5%, on average. Shares of STRL have risen 57.4% in the past six months. The Zacks Consensus Estimate for STRL’s 2024 sales and earnings per share (EPS) implies an increase of 9% and 33.3%, respectively, from the prior-year levels.
Louisiana-Pacific Corporation (LPX - Free Report) currently flaunts a Zacks Rank of 1. LPX delivered a trailing four-quarter earnings surprise of 30.7%, on average. The stock has gained 28.5% in the past six months.
The Zacks Consensus Estimate for LPX’s 2024 sales and EPS indicates an increase of 12.7% and 72.1%, respectively, from a year ago.
MasTec, Inc. (MTZ - Free Report) presently sports a Zacks Rank of 1. MTZ delivered a trailing four-quarter earnings surprise of 40.2%, on average. The stock has gained 29.7% in the past six months.
The Zacks Consensus Estimate for MTZ’s 2024 sales and EPS indicates an increase of 1.9% and 84.3%, respectively, from a year ago.
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AECOM Receives $24.3M Project in California, Increases Backlog
Los Angeles-based AECOM Technical Services Inc., a subsidiary of AECOM (ACM - Free Report) , has won an award from the U.S. Department of Defense for environmental remediation services.
AECOM will work on this $24.3-million project in Lompoc, CA, which is scheduled to be completed by Nov. 26, 2034. The contracting activity involves the U.S. Army Corps of Engineers, Los Angeles, CA.
Strong Backlog Growth Bodes Well for AECOM
AECOM has been witnessing robust prospects in each of its segments. Currently, it has a good visibility of a strong backlog and pipelines for the upcoming quarters. Owing to the improving global scenario, which is fostering infrastructural demand, there has been an increase in demand for ACM’s services. This improving trend is reflected in the company’s backlog levels.
As of the end of the fourth quarter of fiscal 2024, the total backlog was $23.86 billion compared with $23.16 billion in the prior-year period. The current backlog level includes 50.8% contracted backlog growth. AECOM’s ability to consistently secure large, complex projects underpins its competitive advantage. The company maintains a win rate of more than 50% for large pursuits, which rises further for projects exceeding $25 million.
Image Source: Zacks Investment Research
Shares of this solutions provider for supporting professional, technical and management solutions have gained 36% in the past six months, outperforming the Zacks Engineering - R and D Services industry’s 3.4% growth. With the $1.2-trillion IIJA funding accelerating in the United States and the U.K. government prioritizing investments in infrastructure, led by the transportation and water markets, the company’s growth prospects in the market seem encouraging.
ACM’s Zacks Rank & Other Key Picks
AECOM currently carries a Zacks Rank #2 (Buy).
Here are some other top-ranked stocks from the Construction sector.
Sterling Infrastructure, Inc. (STRL - Free Report) presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
It has a trailing four-quarter earnings surprise of 21.5%, on average. Shares of STRL have risen 57.4% in the past six months. The Zacks Consensus Estimate for STRL’s 2024 sales and earnings per share (EPS) implies an increase of 9% and 33.3%, respectively, from the prior-year levels.
Louisiana-Pacific Corporation (LPX - Free Report) currently flaunts a Zacks Rank of 1. LPX delivered a trailing four-quarter earnings surprise of 30.7%, on average. The stock has gained 28.5% in the past six months.
The Zacks Consensus Estimate for LPX’s 2024 sales and EPS indicates an increase of 12.7% and 72.1%, respectively, from a year ago.
MasTec, Inc. (MTZ - Free Report) presently sports a Zacks Rank of 1. MTZ delivered a trailing four-quarter earnings surprise of 40.2%, on average. The stock has gained 29.7% in the past six months.
The Zacks Consensus Estimate for MTZ’s 2024 sales and EPS indicates an increase of 1.9% and 84.3%, respectively, from a year ago.