AECOM (NYSE: ACM), the world’s trusted infrastructure consulting firm, today announced it is immediately exiting its business operations in Russia.
“We support the people of Ukraine who are facing tremendous suffering as a result of Russia’s unlawful invasion,” said Troy Rudd, AECOM’s chief executive officer. “Russia’s actions are inconsistent with AECOM’s values and have compromised the business environment for AECOM, our clients, and our joint activities in Russia. For AECOM, the impact of these actions is particularly unfortunate for our colleagues from our Russia business, and we have taken steps to provide them support during this transition. As always, our priority continues to be ensuring the safety, security and well-being of our teams throughout the region.”
The financial contribution to AECOM from its business related to Russia is not material. As a result, the Company reiterated its guidance for all financial metrics for fiscal 2022 and its long-term fiscal 2024 financial targets as provided on its first quarter fiscal 2022 earnings call.
AECOM will impair the assets of its Russia-related business and expects to incur a one-time pre-tax expense of $40 million to $50 million in the fiscal second quarter. This impact will be excluded from adjusted earnings. The cash impact from this action is expected to approximate $10 million.
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 $13.3 billion in fiscal year 2021. See how we are delivering sustainable legacies for generations to come at aecom.com and @AECOM.
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