Earnings Analysis for ACM

Revenue Analysis:

Total and Operating Revenue: ACM’s total and operating revenue has shown fluctuations across the observed periods. Starting at $3.89 billion in December 2023, the revenue increased slightly to $3.84 billion by September 2023, then slightly dipping to $3.66 billion in June 2023, before slightly increasing again to $3.49 billion in March 2023.
Gross Profit Margins: The gross profit margin was stable at $243.97 million in December 2023 but has seen an increase to $252.30 million by September 2023 and slightly reduced to $250.07 million by June 2023, before seeing a further increase to $228.09 million by March 2023.

Cost Management:

Cost of Revenue: Cost of revenue remained high, moving from $3.65 billion in December 2023 to $3.59 billion in September, $3.41 billion in June, and $3.26 billion in March. This reflects a generally high but slightly reducing cost structure relating to revenue.
Operating Expense: Operating expenses ranged from approximately $35.72 million to $42.88 million across the periods, indicating relatively stable operational cost control.
Total Expenses: Reflecting the cost of revenue, total expenses reduced from approximately $3.69 billion to $3.29 billion across the observed periods.

Profitability Analysis:

EBITDA: ACM experienced notable variability in EBITDA, posting $221.12 million in December 2023, plummeting to -$51.56 million in June 2023 but moderately recovering by September and March of 2023.
Operating Income: Similar to EBITDA, operating income saw significant fluctuations, from $208.25 million in December 2023 to $193.95 million in March 2023 after a substantial fall in June.
Pretax Income: Showing similar trends, pretax income ranged widely from $136.54 million in December 2023 to negative territory in June 2023 and slightly recovering thereafter.
Net Income: Net income was extremely volatile, peaking at $109.88 million in December 2023 but dropping significantly in subsequent quarters.

Cash Flow Indicators:

Reconciled Depreciation: Depreciation expenses were consistent across the periods, ranging from $43.38 million to $44.62 million, suggesting steady capital asset depreciation.
Interest Expense: Interest expenses were significant, showing slight variations around $40 million to $42 million, impacting overall profitability.

Taxation:

Tax Rate: The effective tax rate varied, reflective of differing pretax incomes and tax strategies, ranging from approximately 14.9% to 24.5%.
Tax Provision: Corresponding with net income fluctuations, the tax provision varied, demonstrating variations in taxable income.

Shareholder Metrics:

Diluted and Basic EPS: Earnings per share mirrored net income results, showing profits per share as high as $0.69 in December 2023 and diving to -$0.97 in June 2023.
Average Shares: The diluted average shares outstanding increased slightly over the period, potentially diluting per-share metrics.
Net Income Available to Common Stockholders: This metric has closely followed the net income trend, with all profits attributable to common stockholders.

Conclusion:

ACM’s financial performance over the last four periods has shown significant volatility in its profitability metrics, stable but high costs relative to revenues, and a firm control over operational expenditures. The fluctuating net income and EBITDA indicate a potential concern over underlying business operations or the impact of non-operating items affecting financial performance. A detailed internal review and potential strategy adjustment may be recommended to stabilize financial outcomes.