{"id":795250,"date":"2024-12-16T16:33:48","date_gmt":"2024-12-16T21:33:48","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/amentum-reports-fiscal-year-2024-results-and-affirms-its-fiscal-year-2025-guidance\/"},"modified":"2024-12-16T16:33:48","modified_gmt":"2024-12-16T21:33:48","slug":"amentum-reports-fiscal-year-2024-results-and-affirms-its-fiscal-year-2025-guidance","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/amentum-reports-fiscal-year-2024-results-and-affirms-its-fiscal-year-2025-guidance\/","title":{"rendered":"Amentum Reports Fiscal Year 2024 Results and Affirms its Fiscal Year 2025 Guidance"},"content":{"rendered":"

<\/p>\n

Amentum Reports Fiscal Year 2024 Results and Affirms its Fiscal Year 2025 Guidance<\/b><\/p>\n

Strong finish to Fiscal Year 2024 including a successful public market debut<\/i><\/p>\n

GAAP Revenues of $8.4 billion, 7% growth; GAAP Net Loss of $82 million<\/i><\/p>\n

Pro Forma Revenues of $13.9 billion, 4% growth<\/i><\/p>\n

Pro Forma Net Income of $32 million; Pro Forma Adjusted EBITDA of $1,052 million, up <\/i>7%<\/p>\n

Amentum affirms its Fiscal Year 2025 Capital Markets Day financial guidance<\/i><\/p>\n

CHANTILLY, Va.–(BUSINESS WIRE<\/a>)–
\nAmentum Holdings, Inc. (\u201cAmentum\u201d or the \u201cCompany\u201d) (NYSE: AMTM), a leading advanced engineering and technology company, today announced results for the fiscal year ended September 27, 2024, and affirmed its outlook for fiscal year 2025.<\/p>\n

\n\u201cWe reported strong results for fiscal year 2024, delivering top-line and bottom-line growth,\u201d commented Amentum Chief Executive Officer John Heller. \u201c2024 was a significant year in our Company\u2019s history, culminating in the merger of Amentum with Jacobs\u2019 Critical Mission Solutions and Cyber & Intelligence businesses to create one of the strongest advanced engineering and technology companies in the industry. Today, over two months since the merger, we continue to be excited about the combined strength of these two historic businesses. We have transformed Amentum into a larger, more diversified company with broader customer reach and capabilities to deliver greater value to the world\u2019s most complex challenges. In fiscal year 2025 we already see positive momentum and are confident in our outlook.\u201d<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Summary Operating Results<\/span><\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Fiscal Year Ended<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(in millions, except per share data)<\/i><\/p>\n<\/td>\n

\n

September 27,
\n
2024<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

September 29,
\n
2023<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

% Change<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

GAAP Measures:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nRevenues<\/p>\n<\/td>\n

\n

\n$8,388<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$7,865<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n7%<\/p>\n<\/td>\n<\/tr>\n

\n

\nOperating income<\/p>\n<\/td>\n

\n

\n$291<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$57<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

411%<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

\nNet loss<\/p>\n<\/td>\n

\n

\n$(82)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$(314)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

74%<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

\nDiluted loss per share<\/p>\n<\/td>\n

\n

\n$(0.90)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$(3.49)<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

74%<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Pro Forma and Non-GAAP Measures1<\/sup>:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPro Forma Revenues<\/p>\n<\/td>\n

\n

\n$13,858<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$13,371<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4%<\/p>\n<\/td>\n<\/tr>\n

\n

\nPro Forma Adjusted EBITDA1<\/sup><\/p>\n<\/td>\n

\n

\n$1,052<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$986<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n7%<\/p>\n<\/td>\n<\/tr>\n

\n

\nPro Forma Adjusted EBITDA Margin1<\/sup><\/p>\n<\/td>\n

\n

\n7.6%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n7.4%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n+20 bps<\/p>\n<\/td>\n<\/tr>\n

\n

\nPro Forma Adjusted Net Income1<\/sup><\/p>\n<\/td>\n

\n

\n$489<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$453<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n8%<\/p>\n<\/td>\n<\/tr>\n

\n

\nPro Forma Adjusted Diluted Earnings Per Share (EPS)1<\/sup><\/p>\n<\/td>\n

\n

\n$2.01<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$1.86<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n8%<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n

\n1 \u2013 Non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information provided in accordance with GAAP. Management believes that these non-GAAP measures provide another measure of Amentum\u2019s results of operations and financial condition, including its ability to comply with financial covenants. See Unaudited Pro Forma Non-GAAP Financial Measures at the end of this press release for more information and a reconciliation of our selected reported results to these non-GAAP measures.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

GAAP Results<\/span><\/p>\n

\nGAAP revenues, which exclude Jacobs’ Critical Mission Solutions and Cyber & Intelligence (CMS) businesses, increased 7% year-over-year driven by new contract awards and growth on existing programs. GAAP operating income increased primarily as a result of a non-cash impairment charge that was recognized during fiscal year 2023. Operating income also benefited from reduced intangible amortization expense and the higher revenue volume. GAAP net loss and diluted loss per share improved year-over-year due to the higher operating income and a gain on the acquisition of a controlling interest, partially offset by higher interest expense and a loss on extinguishment of debt.<\/p>\n

Pro Forma and Non-GAAP Results<\/span><\/p>\n

\nPro forma revenues, which include the results of CMS prepared in accordance with the requirements of Article 11 of Regulation S-X, increased 4% year-over-year driven by new contract awards and growth on existing programs partially offset by the expected ramp-down of other historical programs. Pro Forma Adjusted EBITDA increased 7% year-over-year primarily due to the higher revenue volume and improved operating performance. Pro Forma Adjusted Net Income and Adjusted Diluted Earnings Per Share increased due to the higher operating income partially offset by increased tax expense.<\/p>\n

Backlog and Contract Awards<\/span><\/b><\/p>\n

\nAs of September 27, 2024, the Company had a total backlog of $45.0 billion, compared with $26.8 billion a year ago, an increase of $18.2 billion primarily due the addition of backlog from CMS. Funded backlog as of September 27, 2024 was $7.6 billion.<\/p>\n

Notable Fiscal Year 2024 Awards<\/span><\/p>\n