AECOM CEO Troy Rudd believes that a below average second quarter earnings report will turn into massive growth for the remainder of the year. Rudd noted that $900 million of new work was awarded in the third quarter lead up.
"We are now seeing the recovery in the construction management pipeline, particularly as our clients plan with greater certainty against a better economic backdrop," Rudd said. "We're pursuing several meaningful award opportunities with decisions expected in the second half of the year."
Bolstered by President Biden's $350 Million American Recovery Plan, AECOM is counting on state and local coffers to provide more than enough work for the company.
"That money is just getting distributed to state and local governments, so it will find its way into budgets. We have an expectation that we're going to be bidding that work, we will get awarded during the second half of this year, leading to an expectation of an inflection point in growth in fiscal 2022." said Rudd.
He emphasized that the company's largest state and local government clients are funded at higher levels now than before the pandemic.
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