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AECOM (ACM) JV Wins US Army Corps Contract for Great Lakes Revamp
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AECOM (ACM - Free Report) , the renowned infrastructure consulting firm, is set to make a significant impact on infrastructure development in the Great Lakes and Ohio River Division, thanks to a joint venture (“JV”) with Black & Veatch (B&V). The AECOM-B&V Lakes and Rivers JV has been selected by the U.S. Army Corps of Engineers for a transformative architectural and engineering services contract.
The multiple-award contract, funded through the Infrastructure Investment and Jobs Act, spans a five-year term and aims to revamp critical infrastructure, mitigate flood risks, and restore ecosystems across 17 states within the division and nationwide. This endeavor will encompass a diverse range of projects, including the renovation and modernization of dams, locks, levees, flood walls, pump stations, bridges, roadways, canals, and standalone buildings.
The scope of work involves master planning, feasibility studies, site assessments, permitting, environmental compliance, and design for design-bid-build and design-build projects. Sustainability takes center stage, with a focus on energy and water conservation, the use of recovered and recycled materials, alternative energy, and waste reduction measures.
By emphasizing an integrated design approach and environmental stewardship, the joint venture is committed to delivering sustainable, critical infrastructure. These efforts will not only protect the environment but also enhance the quality of life in surrounding communities.
This contract marks another milestone in AECOM's legacy of engineering excellence and dedication to shaping a more resilient and sustainable future.
Domestic Infrastructural Push: A Major Growth Driver
The Infrastructure and Jobs Act, a monumental $1.2 trillion investment in America's infrastructure, signifies a generational commitment to enhancing the nation's fundamental systems. This bill provides the much-needed long-term funding certainty across the company’s strongest end markets, such as transit modernization, electrification, environmental remediation and climate resilience. Furthermore, the U.S. government successfully approved its Omnibus Budget for fiscal 2022 in March 2022. This development has instilled optimism regarding the anticipated growth rate for AECOM's government clientele within the United States for fiscal 2023.
Image Source: Zacks Investment Research
Shares of AECOM have gained 22.6% in the past year compared with the Zacks Engineering - R and D Services industry’s 40.4% growth. Although shares of the company have underperformed its industry, its ongoing contract wins position it well to gain momentum in the upcoming period.
At the end of third-quarter fiscal 2023, AECOM’s total backlog increased to $41.63 billion (including 10% growth in the design business) from $41.13 billion in the prior-year quarter.
ACM’s expected three-to-five-year earnings per share (EPS) growth rate is currently pegged at 11%.
Zacks Rank & Key Picks
AECOM currently sports a Zacks Rank #3 (Hold).
Some better-ranked stocks from the Zacks Construction sector are:
The Zacks Consensus Estimate for BCC’s 2023 EPS has increased to $11.75 from $8.93 over the past 60 days.
EMCOR Group, Inc. (EME - Free Report) flaunts a Zacks Rank #1. It has a trailing four-quarter earnings surprise of 17.2%, on average. Shares of EME have risen 83% in the past year.
The Zacks Consensus Estimate for EME’s 2023 sales and EPS suggests growth of 11.3% and 35.4%, respectively, from the year-ago period’s levels.
TopBuild Corp. (BLD - Free Report) flaunts a Zacks Rank #1. It has a trailing four-quarter earnings surprise of 14.1% on average. Shares of BLD have surged 50.2% in the past year.
The Zacks Consensus Estimate for BLD’s 2023 sales and EPS indicates gains of 3.3% and 8.4%, respectively, from the year-ago period’s levels.
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AECOM (ACM) JV Wins US Army Corps Contract for Great Lakes Revamp
AECOM (ACM - Free Report) , the renowned infrastructure consulting firm, is set to make a significant impact on infrastructure development in the Great Lakes and Ohio River Division, thanks to a joint venture (“JV”) with Black & Veatch (B&V). The AECOM-B&V Lakes and Rivers JV has been selected by the U.S. Army Corps of Engineers for a transformative architectural and engineering services contract.
The multiple-award contract, funded through the Infrastructure Investment and Jobs Act, spans a five-year term and aims to revamp critical infrastructure, mitigate flood risks, and restore ecosystems across 17 states within the division and nationwide. This endeavor will encompass a diverse range of projects, including the renovation and modernization of dams, locks, levees, flood walls, pump stations, bridges, roadways, canals, and standalone buildings.
The scope of work involves master planning, feasibility studies, site assessments, permitting, environmental compliance, and design for design-bid-build and design-build projects. Sustainability takes center stage, with a focus on energy and water conservation, the use of recovered and recycled materials, alternative energy, and waste reduction measures.
By emphasizing an integrated design approach and environmental stewardship, the joint venture is committed to delivering sustainable, critical infrastructure. These efforts will not only protect the environment but also enhance the quality of life in surrounding communities.
This contract marks another milestone in AECOM's legacy of engineering excellence and dedication to shaping a more resilient and sustainable future.
Domestic Infrastructural Push: A Major Growth Driver
The Infrastructure and Jobs Act, a monumental $1.2 trillion investment in America's infrastructure, signifies a generational commitment to enhancing the nation's fundamental systems. This bill provides the much-needed long-term funding certainty across the company’s strongest end markets, such as transit modernization, electrification, environmental remediation and climate resilience. Furthermore, the U.S. government successfully approved its Omnibus Budget for fiscal 2022 in March 2022. This development has instilled optimism regarding the anticipated growth rate for AECOM's government clientele within the United States for fiscal 2023.
Image Source: Zacks Investment Research
Shares of AECOM have gained 22.6% in the past year compared with the Zacks Engineering - R and D Services industry’s 40.4% growth. Although shares of the company have underperformed its industry, its ongoing contract wins position it well to gain momentum in the upcoming period.
At the end of third-quarter fiscal 2023, AECOM’s total backlog increased to $41.63 billion (including 10% growth in the design business) from $41.13 billion in the prior-year quarter.
ACM’s expected three-to-five-year earnings per share (EPS) growth rate is currently pegged at 11%.
Zacks Rank & Key Picks
AECOM currently sports a Zacks Rank #3 (Hold).
Some better-ranked stocks from the Zacks Construction sector are:
Boise Cascade Company (BCC - Free Report) sports a Zacks Rank #1 (Strong Buy). BCC has a trailing four-quarter earnings surprise of 25.5% on average. Shares of BCC have gained 77.5% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for BCC’s 2023 EPS has increased to $11.75 from $8.93 over the past 60 days.
EMCOR Group, Inc. (EME - Free Report) flaunts a Zacks Rank #1. It has a trailing four-quarter earnings surprise of 17.2%, on average. Shares of EME have risen 83% in the past year.
The Zacks Consensus Estimate for EME’s 2023 sales and EPS suggests growth of 11.3% and 35.4%, respectively, from the year-ago period’s levels.
TopBuild Corp. (BLD - Free Report) flaunts a Zacks Rank #1. It has a trailing four-quarter earnings surprise of 14.1% on average. Shares of BLD have surged 50.2% in the past year.
The Zacks Consensus Estimate for BLD’s 2023 sales and EPS indicates gains of 3.3% and 8.4%, respectively, from the year-ago period’s levels.