AECOM Board of Directors approves share repurchase authorization increase to $1 billion
AECOM (NYSE: ACM), the world’s trusted infrastructure consulting firm, announced today that its Board of Directors has increased the authorization under its existing stock repurchase program to $1 billion.
“Consistent with our capital allocation priorities, we have repurchased nearly $1 billion of stock since last September,” said Troy Rudd, AECOM’s chief executive officer. “Looking ahead, our strong balance sheet and the highly cash generative nature of our Professional Services business underscore our commitment to continuing to return free cash flow to stockholders, and we continue to conclude that buying our stock remains the best and highest use of free cash flow after investments in our people and innovation to drive industry-leading organic revenue growth.”
“The steps we have taken over the past several years to position for growth, enhance profitability, and fortify our balance sheet and liquidity have created significant free cash flow for share repurchases,” added Gaurav Kapoor, AECOM’s chief financial officer. “Looking ahead, the increased authorization is consistent with our capital allocation policy and our focus on delivering industry-leading earnings and free cash flow per share growth.”
Since September 2020, the Company has repurchased approximately 19 million shares and has reduced its shares outstanding by 12% compared to its beginning share count.
AECOM (NYSE: ACM) is the world’s trusted infrastructure consulting firm, delivering professional services throughout the project lifecycle – from planning, design and engineering to program and construction management. On projects spanning transportation, buildings, water, new energy and the environment, our public- and private-sector clients trust us to solve their most complex challenges. Our teams are driven by a common purpose to deliver a better world through our unrivaled technical expertise and innovation, a culture of equity, diversity and inclusion, and a commitment to environmental, social and governance priorities. AECOM is a Fortune 500 firm and its Professional Services business had revenue of $13.2 billion in fiscal year 2020. See how we are delivering sustainable legacies for generations to come at aecom.com and @AECOM.
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