Privately-held Amentum, which has made big acquisitions of late, recorded a net loss in two of the past three fiscal years, according to a financial filing prior to next month’s planned merger with the government contracting branch of Dallas-based Jacobs.
That is according to a July 15 filing with the Securities and Exchange Commission by Jacobs and Amentum. The expanded government contractor will trade on the New York Stock Exchange under the symbol, AMTM.
Chantilly, Va.-based Amentum, one of the largest contractors serving the Department of Energy’s weapons complex, recorded a net loss of about $314 million in fiscal 2023 and also had a net loss of $84 million in fiscal 2022. The company’s net income was less than $1 million in fiscal 2021.
The document notes Amentum has made major acquisitions in the past few years. In February 2022 it closed its purchase of defense contractor PAE, in a deal valued at $1.9 billion. It also bought an aviation company, DynCorp in November 2020. The DynCorp transaction was valued at $1 billion by S&P.
The company’s revenues were $7.9 billion in fiscal 2023; $7.7 billion in fiscal 2022 and $5.9 billion in fiscal 2021. Like the federal government, Amentum employs an October through September fiscal year.
In fiscal year 2023, Amentum generated more than 85% of its revenues from contracts with the U.S. federal government,
Jacobs said this week it expects the Amentum deal announced last November to close sometime in late September.
