We Expect Aecom to Capitalize on Growing Infrastructure Spending

In recent years, Aecom has transformed its portfolio and focused on expanding its professional services business. It exited several business lines including fixed-price combined-cycle gas power plant construction, at-risk oil and gas construction, and international at-risk construction projects. In January 2020, Aecom completed the sale of its management services business. We view this transformation favorably, as we believe that the strategic shift has resulted in a less volatile and more profitable portfolio.