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Hill International (NYSE:HIL) reported a 7.7% increase in Consulting Fee Revenue (CFR) to $77.1 million for Q3 2021, driven by strong project execution. The net income decreased to $1.3 million ($0.02 per diluted share) from $2.1 million ($0.04 per share) in Q3 2020, largely due to foreign exchange losses. Adjusted EBITDA rose 32.8% to $6.4 million. The company updated its CFR guidance for 2021 to $305-$315 million, reflecting project deferrals. Backlog stood at $660.7 million as of September 30, 2021.
Hill International has rebranded the NEYO Group, acquired in June 2021, to Hill International Cost Consultancy (India) Pvt. Ltd. This strategic move expands Hill's presence in India, now with over 200 employees and six offices. Hill aims to leverage growth opportunities in the Asia-Pacific region while maintaining the existing management team. According to executives, the acquisition enhances service offerings and client networks, reflecting Hill's commitment to the Indian market and future expansion.
Hill International (NYSE:HIL) will release its Q3 financial results on November 8, 2021, after market close. CEO Raouf Ghali and CFO Todd Weintraub will host a conference call on November 9, 2021, at 9:00 AM EDT to discuss the results. Interested participants can join the call by dialing the provided numbers or via the Hill International website. The company, recognized as one of the largest construction management firms, has over 2,900 professionals across 70 offices globally, providing a range of management and consulting services.
Hill International (NYSE:HIL) has appointed Stephen E. Browning as Senior Vice President and Federal Sector Leader. With over 30 years of experience in Federal project management, Browning will lead efforts to enhance program management for U.S. Federal Government agencies, including GSA and DOE. His prior achievements include managing a $12.6 billion reconstruction program in Iraq, recognized by the Service To America Award. Browning will focus on fostering relationships, identifying opportunities, and overseeing construction management services while reporting to Michael B. Smith, President, Americas.
Hill International (NYSE:HIL) has been awarded a five-year contract valued at $125 million by Southern California Edison (SCE) to provide ongoing project management services. The collaboration, which spans over a decade, covers various sectors including Transmission, Substation, and Asset Management. This partnership aims to enhance project delivery efficiency for SCE, which serves 15 million people across 50,000 square miles in California. Hill's expertise in project and data management is pivotal in supporting SCE's infrastructure projects.
Hill International (NYSE:HIL) has been selected by Anolia Holdings Ltd to provide Project and Construction Management services for a new flagship mixed-use resort in Cyprus. This development, covering 10 hectares, will feature the Grand Hyatt Limassol luxury hotel, residential tower, and gated villas. The resort will include 300 hotel keys and a range of premium amenities. Hill will oversee both pre-construction and construction stages, enhancing Cyprus' tourism status as a high-end destination.
Hill International has been awarded a contract by the Pennsylvania Turnpike Commission for construction management services on the $200 million PA Turnpike/I-95 Interchange, Phase 2 project. The project involves significant infrastructure improvements, including widening and reconstruction of various sections of the Turnpike, and bridge replacements. Hill will provide comprehensive management services throughout the project's lifecycle, emphasizing safety and environmental protection. With over $2 billion in past projects with the Commission, Hill aims to leverage its experience for successful project delivery.
Hill International (NYSE:HIL) announced it secured a contract with Kosovo Railways JSC (INFRAKOS) for supervision services on Phase 2 of Rail Route 10's rehabilitation. This phase will upgrade a 34.4 km segment between Fushë Kosovë and Mitrovicë, enhancing traffic safety and operational speed. Hill continues its commitment to sustainable development in Kosovo, supervising over 100 km of railway rehabilitation. This win reinforces Hill's presence in the Balkans, following ongoing support for Phase 1 since 2019.
Hill International (NYSE:HIL) has secured an indefinite delivery/indefinite quantity contract with the Maryland Aviation Administration (MAA) for construction management and inspection services until 2026. This contract extends Hill's ongoing CMI support at Baltimore/Washington Thurgood Marshall Airport (BWI) and Martin State Airport (MTN), where it has been active since 2015. Hill emphasizes its commitment to incorporating local minority business enterprises into each task order assigned.
Hill International (NYSE: HIL) announced that CEO Raouf Ghali and CFO Todd Weintraub will conduct one-on-one investor meetings at the D.A. Davidson 20th Annual Diversified Industrials & Services Conference on September 22, 2021. Investors interested in scheduling a meeting can contact their D.A. Davidson salesperson or reach out via email. Hill International offers project and construction management services, boasting over 2,900 professionals in 70 offices worldwide. The company has been recognized as one of the largest construction management firms in the U.S.
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