Engineering services firm AECOM announced that Lydia H. Kennard, a member of its Board of Directors, will not seek reelection at the company's 2025 Annual Meeting of Stockholders. The disclosure, based on a recent SEC filing, stated that Kennard's decision is due to personal reasons and not because of any disagreement with the company's operations, policies, or practices.
Kennard, who also serves on the Nominating and Governance Committee, will continue her duties until her term concludes at the Annual Meeting. AECOM, headquartered in Dallas, Texas, and incorporated in Delaware, expressed gratitude for Kennard's contributions during her tenure on the board.
The news comes as AECOM, listed on the New York Stock Exchange under the ticker NYSE:ACM, continues to navigate the competitive landscape of the engineering services sector, classified under the Standard Industrial Classification code 8711. The company's fiscal year ends on September 30, and it operates under the IRS Employer Identification Number 61-1088522.
AECOM, which has previously been known as AECOM Technology (NYSE:ACM) Corp, provided the update in accordance with the SEC's 1934 Securities Exchange Act. The company has confirmed that there are no other material changes or disagreements that have prompted this board change. The formal announcement was made on Friday, November 22, 2024, as per the filing date of the report.
The company's business address is 13355 Noel Road, Suite 400, Dallas, Texas 75240, and they can be contacted via phone at (972) 788-1000. This information is based on the statement in the SEC filing and provides a glimpse into the corporate governance dynamics at AECOM.
In other recent news, AECOM Technology reported notable fourth-quarter earnings for the fiscal year 2024, with a significant outperformance in margins leading to a profit that surpassed expectations despite lower-than-anticipated revenue. Analysts at Baird responded to the earnings report by increasing their stock price target for AECOM from $113.00 to $122.00, maintaining an Outperform rating on the stock. AECOM's financial results indicate a consistent focus on margins, which has been a key element of its long-term strategy.
The company provided fiscal year 2025 guidance slightly higher than the consensus, backed by a book-to-bill ratio greater than 1.0x, indicating a healthy level of contracted work. In addition, AECOM's project pipeline grew by 10% compared to the previous year, with the company maintaining a win rate of approximately 50%.
Goldman Sachs initiated coverage on AECOM Technology stock with a Buy rating, highlighting AECOM's strategic shift since 2020 and its potential for double-digit earnings per share (EPS) growth in the medium term. The firm's EPS estimates for AECOM in 2025-2026 are $5.11 and $5.81, respectively.
InvestingPro Insights
As AECOM prepares for changes in its Board of Directors, recent financial data from InvestingPro sheds light on the company's current market position. AECOM boasts a market capitalization of $15.38 billion, reflecting its significant presence in the engineering services sector. The company's revenue growth of 12.01% over the last twelve months as of Q4 2024 indicates a robust expansion trajectory, aligning with its status as a prominent player in the Construction & Engineering industry.
InvestingPro Tips highlight AECOM's financial strength and market performance. The company has raised its dividend for three consecutive years, demonstrating a commitment to shareholder returns. This is further supported by a notable dividend growth of 44.44% in the last twelve months. Additionally, AECOM's stock is trading near its 52-week high, with a strong return of 16.98% over the last three months and 26.73% over the past six months.
These insights suggest that despite the upcoming board changes, AECOM maintains a solid financial foundation and market position. Investors seeking more comprehensive analysis can find 13 additional InvestingPro Tips, offering a deeper understanding of AECOM's financial health and market prospects.
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