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When Cramer asked AECOM Technology President and CEO John Dionisio why backlog and unbooked orders were down this quarter compared to last, the chief executive blamed it on seasonality.
Cramer asked Dionisio if he thought he should have told Mad Money viewers about this seasonality the last time he appeared on the show. “Maybe,” the CEO replied.
“For the people who bought it at $30, definitely,” Cramer said firmly.
AECOM’s [ACM
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] 2008 guidance of $1.19 to $1.26 a share just barely met analysts’ $1.26 estimate, sending the shares down about 12% Tuesday. But Dionisio rattled off a list of what sounded like strong numbers to defend his latest quarter: Backlog for the year was up 26%. Revenue was up 24% to $4.2 billion. Net income for the year soared 89%.
Business can be lumpy, Cramer said, so AECOM will have to use next quarter’s numbers to prove it’s still a strong company. But as for now, the stock is down almost $4, so it’s best to wait.
“It’s a show me quarter,” Cramer said, “before I can recommend this one again.”
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