AECOM announces completion of approximately $155 million stock repurchase program & initiation of additional up to $300 milli...
October 02 2020 - 06:55AM
Business Wire
AECOM (NYSE:ACM), the world’s premier infrastructure consulting
firm, announced it expects to complete today an approximately $155
million share repurchase program, which was initiated in September.
In addition, the Company has entered into a plan to repurchase up
to $300 million of stock through open market repurchases based on a
pre-determined pricing grid during the first quarter of fiscal year
2021. After giving effect to the September share repurchase
program, the Company has approximately $605 million remaining under
its existing Board repurchase authorization.
“We are successfully executing on our financial and strategic
priorities, which gives us great confidence as we accelerate our
capital returns to stockholders,” said Troy Rudd, AECOM’s chief
executive officer. “With the momentum in the business continuing,
we are committed to executing on our capital allocation policy,
including repurchasing shares with substantially all available cash
and free cash flow, in order to fully deliver on the substantial
shareholder value creation opportunity in front of us.”
About AECOM
AECOM (NYSE:ACM) is the world’s premier infrastructure
consulting firm, delivering professional services throughout the
project lifecycle – from planning, design and engineering to
program and construction management. We partner with our clients in
the public and private sectors to solve their most complex
challenges and build legacies for generations to come. On projects
spanning transportation, buildings, water, governments, energy and
the environment, our teams are driven by a common purpose to
deliver a better world. AECOM is a Fortune 500 firm and its
Professional Services business had revenue of approximately $13.6
billion in fiscal year 2019. See how we deliver what others can
only imagine at aecom.com and @AECOM.
Forward-Looking Statements
All statements in this communication other than statements of
historical fact are “forward-looking statements” for purposes of
federal and state securities laws, including any statements of the
plans, strategies and objectives for future operations,
profitability, strategic value creation, coronavirus impacts, risk
profile and investment strategies, and any statements regarding
future economic conditions or performance, and the expected
financial and operational results of AECOM. Although we believe
that the expectations reflected in our forward-looking statements
are reasonable, actual results could differ materially from those
projected or assumed in any of our forward-looking statements.
Important factors that could cause our actual results, performance
and achievements, or industry results to differ materially from
estimates or projections contained in our forward-looking
statements include, but are not limited to, the following: our
business is cyclical and vulnerable to economic downturns and
client spending reductions; impacts caused by the coronavirus and
the related economic instability and market volatility, including
the reaction of governments to the coronavirus, including any
prolonged period of travel, commercial or other similar
restrictions, the delay in commencement, or temporary or permanent
halting of construction, infrastructure or other projects,
requirements that we remove our employees or personnel from the
field for their protection, and delays or reductions in planned
initiatives by our governmental or commercial clients or potential
clients; losses under fixed-price contracts; limited control over
operations run through our joint venture entities; liability for
misconduct by our employees or consultants; failure to comply with
laws or regulations applicable to our business; maintaining
adequate surety and financial capacity; high leverage and potential
inability to service our debt and guarantees; exposure to Brexit;
exposure to political and economic risks in different countries;
currency exchange rate fluctuations; retaining and recruiting key
technical and management personnel; legal claims; inadequate
insurance coverage; environmental law compliance and adequate
nuclear indemnification; unexpected adjustments and cancellations
related to our backlog; partners and third parties who may fail to
satisfy their legal obligations; AECOM Capital real estate
development projects; managing pension cost; cybersecurity issues,
IT outages and data privacy; risks associated with the benefits and
costs of the Management Services transaction, including the risk
that the expected benefits of the Management Services transaction
or any contingent purchase price will not be realized within the
expected time frame, in full or at all; the risk that costs of
restructuring transactions and other costs incurred in connection
with the Management Services transaction will exceed our estimates
or otherwise adversely affect our business or operations; as well
as other additional risks and factors that could cause actual
results to differ materially from our forward-looking statements
set forth in our reports filed with the Securities and Exchange
Commission. Any forward-looking statements are made as of the date
hereof. We do not intend, and undertake no obligation, to update
any forward-looking statement.
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version on businesswire.com: https://www.businesswire.com/news/home/20201002005115/en/
Investor Contact: Will Gabrielski Senior Vice President,
Investor Relations 213.593.8208 William.Gabrielski@aecom.com
Media Contact: Brendan Ranson-Walsh Vice President, Global
Communications & Corporate Responsibility 213.996.2367
Brendan.Ranson-Walsh@aecom.com
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