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Amentum (NYSE: AMTM) has secured a $105 million contract from Naval Surface Warfare Center Crane to enhance Electronic Warfare (EW) and Intelligence, Surveillance, and Reconnaissance (ISR) systems. The 60-month cost-plus/fixed-fee task order focuses on developing next-generation mission and survivability systems.
The company will utilize its Integrated Digital Engineering Approach (IDEA) to modernize aging components, implement state-of-the-art technology, and provide total lifecycle management of advanced surveillance systems. Work includes vehicle integration, platform integration, sensor integration, supply chain security, and anti-tamper technologies.
The contract was awarded through the Department of Defense Information Analysis Center's multiple-award contract vehicle, with primary operations in Crane, Indiana.
Amentum (NYSE:AMTM) announced that West Valley Cleanup Alliance, (WVCA), a joint venture led by BWXT Technical Services Group including Jacobs Technology and Geosyntec Consultants, has been awarded the West Valley Project Phase 1B Deactivation & Demolition contract. The Department of Energy contract has a maximum value of $3 billion over a 10-year ordering period.
The project scope includes disposal of radioactive waste, soil remediation, decontamination of underground high-level waste tanks, and transport of solidified waste to a federal repository. The work will take place at the West Valley Demonstration Project, a 150-acre site located 35 miles south of Buffalo, New York, which houses the only commercial spent nuclear fuel reprocessing facility to operate in the United States.
Amentum (NYSE: AMTM) has appointed Darren Burton as Chief People Officer, effective immediately. Burton will oversee talent strategy and management for the company's 53,000 employees across 80 countries. He brings over 20 years of experience and previously served as chief people officer at Eightfold AI, vice chair of human resources at KPMG, and VP of HR at Raytheon. At Raytheon, he managed HR strategies for a $6 billion organization with 16,000 employees and led HR efforts for multiple acquisitions. Burton holds a BA in sociology from the University of Oswego and a master's in industrial and labor relations from Cornell University.
Jacobs Solutions reported strong Q4 2024 results with revenue reaching $3.0 billion, up 4.4% year-over-year. The company completed the separation of its Critical Mission Solutions and Cyber & Intelligence businesses, now trading as Amentum (NYSE: AMTM). Q4 highlights include net income of $309 million (up 333.1% y/y), adjusted EBITDA of $289 million (up 12.5%), and EPS of $2.38 (up 277.8%). Backlog grew 22.5% to $21.8 billion. For FY2024, revenue was $11.5 billion (up 6.0%), with net income of $613 million (up 61.6%). The company provided FY2025 guidance expecting mid-to-high single-digit revenue growth and adjusted EPS of $5.80-$6.20.
Amentum (NYSE: AMTM) has been selected as part of a consortium to manage and operate Fermi National Accelerator Laboratory. The contract was awarded to Fermi Forward Discovery Group, , led by the University of Chicago and Universities Research Association, with Amentum and Longenecker & Associates as partners. The contract has a maximum value of $5 billion for an initial five-year base period with potential extensions up to 20 years. Operations will begin January 1, 2025, following a 90-day transition starting October 1, 2024. Fermilab, located in Batavia, Illinois, focuses on particle physics research using advanced accelerators and collaborates with over 50 countries.
Amentum (NYSE: AMTM) has secured a $490 million contract from the U.S. Navy to provide comprehensive contractor logistics support for the T-54A Multi Engine Training System (METS). The contract aims to modernize the Navy's training aircraft fleet, replacing the aging T-44C aircraft. The METS program will support pilot training for Navy, Marine Corps, Coast Guard, and allied forces through 2055, facilitating transitions to advanced aircraft like the V-22 Osprey and P-8 Poseidon. The contract includes a one-year base period with four one-year options, with operations based at Naval Air Station Corpus Christi, Texas.
Amentum (NYSE: AMTM) has scheduled a conference call for December 17, 2024, at 8:30 AM EST to discuss its fiscal year 2024 financial results, covering the period ending September 27, 2024. The company will release its financial results before the call.
The event will be accessible to the public through a webcast link on Amentum's Investor Relations Website, where interested parties can later access the replay, earnings release, presentation slides, and supplemental financial information.
Amentum (NYSE: AMTM) has been awarded the Fully Integrated Lifecycle Mission Support Services II (FILMSS II) contract by NASA, with a maximum value of $256 million. This contract aims to support NASA's exploration and aeronautics objectives at the Ames Research Center. Amentum will introduce advanced project management tools and deliver tailored solutions across various NASA missions, including planetary science, astrophysics, space biosciences, and more.
The contract includes a two-year base period with three one-year options. Amentum's scope of work encompasses program, science, engineering, operations, and project management solutions. The majority of the work will be conducted on-site at NASA's Ames Research Center in California.
Jacobs (NYSE: J) has completed the spin-off of its Critical Mission Solutions and Cyber & Intelligence government services businesses, which have merged with Amentum Parent Holdings to form Amentum Holdings, Inc. (NYSE: AMTM). This strategic move transforms Jacobs into a more focused, higher-value company specializing in critical infrastructure and sustainability solutions.
The simplified Jacobs will concentrate on high-growth sectors such as advanced manufacturing, cities & places, energy, environmental, life sciences, transportation, and water. The company retains its innovative data solutions and digital technologies business, important for delivering digitally enabled critical infrastructure solutions.
Post-transaction, Jacobs' shareholders hold approximately 51% of Amentum's stock, with Jacobs retaining a 7.5% stake. An additional 4.5% is held in escrow as contingent consideration, subject to the Separated Business meeting certain fiscal year 2024 operating profit targets.
Jacobs Solutions has announced key dates for the spin-off of its Critical Mission Solutions and Cyber & Intelligence government services businesses. The record date is set for September 23, 2024, and the distribution date for September 27, 2024. This spin-off will merge these businesses with Amentum, creating a new publicly traded company on the NYSE under the ticker symbol AMTM.
Jacobs shareholders will receive one share of Amentum common stock for every Jacobs share held on the record date. Post-transaction, Jacobs shareholders will own 51% of Amentum, with Jacobs retaining 7.5%. An additional 4.5% will be held in escrow as contingent consideration. Jacobs intends to dispose of its stake in Amentum within 12 months of the distribution.
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