PASADENA, Calif., April 25, 2011 /PRNewswire/ -- Jacobs Engineering
Group Inc. (NYSE: JEC) announced today its financial results for
the second quarter of fiscal 2011 ended April 1, 2011.
Second Quarter Fiscal 2011 Highlights:
- Net earnings for the quarter of $80.3
million;
- Diluted EPS for the quarter of $0.63;
- Net earnings for the six months ended April 1, 2011 of $146.1
million;
- Diluted EPS for the six months ended April 1, 2011 of $1.15; and,
- Backlog of $14.0 billion.
Jacobs reported net earnings of $80.3 million, or $0.63 per diluted share, on revenues of
$2.6 billion for its second
quarter of fiscal 2011 ended April 1, 2011. This
compares to net earnings of $77.5 million, or $0.62 per diluted share, on revenues of
$2.6 billion for the second
quarter of fiscal 2010 ended April 2,
2010.
For the six months ended April 1,
2011, Jacobs reported net earnings of $146.1 million, or $1.15 per diluted share, on revenues of
$4.9 billion. This compares to
net earnings of $149.9 million,
or $1.20 per diluted share, on
revenues of $5.1 billion for the same
period in fiscal 2010.
On February 1, 2011, the Company
acquired certain operations within the process and construction
business of Aker Solutions ASA. Accordingly, the Company's
consolidated results of operations for the three months ended
April 1, 2011 include those of the
acquired businesses since the date of acquisition. Including
the effects of acquisition related costs, the acquired operations
contributed approximately $0.04 per
diluted share to earnings for the second quarter of fiscal
2011.
Jacobs also announced backlog totaling $14.0 billion at April 1, 2011,
including a component of technical professional services of
$8.7 billion. This
compares to total backlog and technical professional services
backlog of $14.7 billion and
$8.3 billion, respectively, at
April 2, 2010.
Commenting on the results for the second quarter, Jacobs
President and CEO Craig L. Martin
stated, "Performance in the second quarter improved nicely. Our
earnings and backlog are both up from the first quarter, and the
outlook remains positive. Several of our markets continue to
improve and our prospect list is growing."
Commenting on the Company's earnings outlook for the remainder
of fiscal 2011, Jacobs Chief Financial Officer John W. Prosser, Jr. stated, "Our guidance for
fiscal year 2011, which includes the net contribution of the
acquired operations of Aker, is being narrowed from the previous
range of $2.40 to $2.85 to a revised
range of $2.40 to $2.80."
Jacobs is hosting a conference call at 11:00 a.m. Eastern time on Tuesday, April 26, 2011, which they are
webcasting live on the Internet at www.jacobs.com.
Jacobs is one of the world's largest and most diverse providers
of technical, professional, and construction services.
Statements made in this press release that are not based on
historical fact are forward-looking statements. Although such
statements are based on management's current estimates and
expectations, and currently available competitive, financial, and
economic data, forward-looking statements are inherently uncertain,
and you should not place undue reliance on such statements.
We caution the reader that there are a variety of factors
that could cause business conditions and results to differ
materially from what is contained in our forward-looking
statements. For a description of some of the factors which
may occur that could cause actual results to differ from our
forward-looking statements, please refer to our 2010 Form 10-K, and
in particular the discussions contained under
Item 1 – Business; Item 1A – Risk
Factors; Item 3 – Legal Proceedings; and Item
7 – Management's Discussion and Analysis of Financial
Condition and Results of Operations. We also caution the
readers of this release that we do not undertake to update any
forward-looking statements made herein.
Financial
Highlights:
Results of Operations (in
thousands, except per-share data):
|
|
|
|
|
|
|
Three Months
Ended
|
Six Months
Ended
|
|
|
April 1,
2011
|
April 2,
2010
|
April 1,
2011
|
April 2,
2010
|
|
Revenues
|
$ 2,558,016
|
$ 2,586,974
|
$ 4,914,191
|
$ 5,064,759
|
|
Costs and
Expenses:
|
|
|
|
|
|
Direct costs
of contracts
|
(2,168,835)
|
(2,223,793)
|
(4,193,972)
|
(4,352,369)
|
|
Selling, general,
and administrative expenses
|
(261,166)
|
(241,177)
|
(488,585)
|
(476,905)
|
|
|
|
|
|
|
|
Operating
Profit
|
128,015
|
122,004
|
231,634
|
235,485
|
|
|
|
|
|
|
|
Other Income
(Expense):
|
|
|
|
|
|
Interest
income
|
1,149
|
796
|
2,073
|
1,634
|
|
Interest
expense
|
(2,720)
|
(705)
|
(3,547)
|
(1,317)
|
|
Miscellaneous
income (expense), net
|
37
|
(935)
|
44
|
(1,494)
|
|
Total other expense, net
|
(1,534)
|
(844)
|
(1,430)
|
(1,177)
|
|
|
|
|
|
|
|
Earnings Before
Taxes
|
126,481
|
121,160
|
230,204
|
234,308
|
|
|
|
|
|
|
|
Income Tax
Expense
|
(45,140)
|
(43,593)
|
(82,166)
|
(84,340)
|
|
|
|
|
|
|
|
Net Earnings of the
Group
|
81,341
|
77,567
|
148,038
|
149,968
|
|
Net Income Attributable
to
Noncontrolling
Interests
|
(1,091)
|
(67)
|
(1,965)
|
(31)
|
|
Net Earnings Attributable to
Jacobs
|
$
80,250
|
$
77,500
|
$
146,073
|
$ 149,937
|
|
|
|
|
|
|
|
Earnings Per Share
("EPS"):
|
|
|
|
|
|
Basic
|
$
0.64
|
$
0.63
|
$
1.17
|
$
1.21
|
|
Diluted
|
$
0.63
|
$
0.62
|
$
1.15
|
$
1.20
|
|
|
|
|
|
|
|
Weighted Average Shares
Used to Calculate EPS:
|
|
|
|
|
|
Basic
|
125,402
|
123,911
|
125,198
|
123,771
|
|
Diluted
|
127,363
|
125,565
|
127,044
|
125,441
|
|
|
|
|
|
|
|
|
Other Operational Information
(in thousands):
|
|
|
|
|
|
|
Three Months
Ended
|
Six Months
Ended
|
|
|
April 1,
2011
|
April 2,
2010
|
April 1,
2011
|
April 2,
2010
|
|
Revenues by Major
Component:
|
|
|
|
|
|
Technical
professional services
|
$
1,491,214
|
$
1,344,559
|
$
2,696,027
|
$
2,564,783
|
|
Field
services
|
1,066,802
|
1,242,415
|
2,218,164
|
2,499,976
|
|
Total
|
$
2,558,016
|
$
2,586,974
|
$
4,914,191
|
$
5,064,759
|
|
|
|
|
|
|
|
Depreciation
(pre-tax)
|
$
14,209
|
$
15,953
|
$
28,408
|
$
33,265
|
|
Amortization of
Intangibles (pre-tax)
|
$
9,525
|
$
6,109
|
$
15,559
|
$
11,576
|
|
Pass-Through Costs Included in
Revenues
|
$
540,960
|
$
721,682
|
$
1,075,848
|
$
1,448,948
|
|
|
|
|
|
|
|
Capital
Expenditures
|
$
10,714
|
$
15,631
|
$
17,378
|
$
23,372
|
|
|
|
|
|
|
|
|
|
|
Selected Balance Sheet and
Backlog Information (in thousands):
|
|
|
|
|
April 1,
2011
|
April 2,
2010
|
|
Balance Sheet
Information:
|
|
|
|
Cash and cash
equivalents
|
$
747,911
|
$
839,057
|
|
Working
capital
|
1,447,190
|
1,357,624
|
|
Total
debt
|
434,234
|
96,141
|
|
Total Group
stockholders' equity
|
3,049,454
|
2,812,287
|
|
|
|
|
|
Backlog
Information:
|
|
|
|
Technical
professional services
|
$
8,669,400
|
$
8,299,300
|
|
Field
services
|
5,336,500
|
6,354,300
|
|
Total
|
$ 14,005,900
|
$ 14,653,600
|
|
|
|
|
|
|
For additional information
contact:
|
|
|
John W. Prosser, Jr.
|
|
|
Executive Vice President,
Finance and Administration
|
|
|
626.578.6803
|
|
|
|
(Logo:
http://photos.prnewswire.com/prnh/20090109/JACOBSEGLOGO)
SOURCE Jacobs Engineering Group Inc.