PASADENA, Calif., July 25, 2011 /PRNewswire/ -- Jacobs Engineering
Group Inc. (NYSE:JEC) announced today its financial results for the
third quarter of fiscal 2011 ended July 1,
2011.
Third Quarter Fiscal 2011 Highlights:
- Net earnings for the quarter of $90.7 million;
- Diluted EPS for the quarter of $0.71;
- Net earnings for the nine months ended July 1, 2011 of $236.7 million;
- Diluted EPS for the nine months ended July 1, 2011 of $1.86; and,
- Backlog of $14.0 billion.
For the third quarter of fiscal 2011 ended July 1, 2011,
Jacobs reported net earnings of $90.7 million, or $0.71 per diluted share, on revenues of
$2.7 billion. This
compares to net earnings of $19.0 million, or $0.15 per diluted share, on revenues of
$2.5 billion for the third
quarter of fiscal 2010 ended July 2, 2010. Included in
the Company's results of operations for the third quarter of fiscal
2010 is a charge recorded as a result of an unfavorable court
judgment received relating to a waste incineration project in
France performed for the SIVOM de
Mulhousienne (the "SIVOM Judgment"). Excluding the effects of
the SIVOM Judgment, net earnings and earnings per diluted share for
the third quarter of fiscal 2010 were $79.3 million and $0.63, respectively.
For the nine months ended July 1,
2011, Jacobs reported net earnings of $236.7 million, or $1.86 per diluted share, on revenues of
$7.7 billion. This
compares to net earnings of $169.0 million, or $1.35 per diluted share, on revenues of
$7.6 billion for nine months
ended July 2, 2010. Excluding the effects of the SIVOM
Judgment, net earnings and earnings per diluted share for the first
three quarters of fiscal 2010 were $229.3 million and $1.83, respectively.
Jacobs also announced backlog totaling $14.0 billion at July
1, 2011, including a technical professional services
component of $8.7 billion.
This compares to total backlog and technical professional
services backlog of $13.5 billion and $7.8 billion, respectively, at July 2, 2010.
Commenting on the results for the third quarter, Jacobs
President and CEO Craig L. Martin
stated, "Our performance for the quarter was good, particularly in
controlling SG&A. Given our steady backlog and solid prospect
list, our outlook remains positive."
Commenting on the Company's earnings outlook for the remainder
of fiscal 2011, Jacobs Chief Financial Officer John W. Prosser, Jr. stated, "With our good
third quarter results, we are maintaining our guidance for fiscal
year 2011 in the range of $2.40 to
$2.80 per share."
Jacobs is hosting a conference call at 11:00 a.m. Eastern Time on Tuesday, July 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
|
Nine Months
Ended
|
|
|
July 1,
2011
|
July 2,
2010
|
July 1,
2011
|
July 2,
2010
|
|
Revenues
|
$ 2,744,178
|
$ 2,507,725
|
$ 7,658,369
|
$ 7,572,484
|
|
Costs and
Expenses:
|
|
|
|
|
|
Direct costs
of contracts
|
(2,331,466)
|
(2,235,537)
|
(6,525,438)
|
(6,587,906)
|
|
Selling, general,
and administrative
expenses
|
(273,332)
|
(227,105)
|
(761,917)
|
(704,010)
|
|
|
|
|
|
|
|
Operating
Profit
|
139,380
|
45,083
|
371,014
|
280,568
|
|
|
|
|
|
|
|
Other (Expense)
Income:
|
|
|
|
|
|
Interest
income
|
1,317
|
1,974
|
3,390
|
3,608
|
|
Interest
expense
|
(2,568)
|
(8,174)
|
(6,115)
|
(9,491)
|
|
Miscellaneous
income (expense), net
|
3,172
|
(1,644)
|
3,216
|
(3,138)
|
|
Total other
income (expense), net
|
1,921
|
(7,844)
|
491
|
(9,021)
|
|
|
|
|
|
|
|
Earnings Before
Taxes
|
141,301
|
37,239
|
371,505
|
271,547
|
|
|
|
|
|
|
|
Income Tax
Expense
|
(49,365)
|
(17,999)
|
(131,531)
|
(102,339)
|
|
|
|
|
|
|
|
Net Earnings of the
Group
|
91,936
|
19,240
|
239,974
|
169,208
|
|
Net Income Attributable
to
Noncontrolling
Interests
|
(1,260)
|
(197)
|
(3,225)
|
(228)
|
|
Net Earnings Attributable
to Jacobs
|
$
90,676
|
$
19,043
|
$
236,749
|
$
168,980
|
|
|
|
|
|
|
|
Earnings Per Share
("EPS"):
|
|
|
|
|
|
Basic
|
$
0.72
|
$
0.15
|
$
1.89
|
$
1.36
|
|
Diluted
|
$
0.71
|
$
0.15
|
$
1.86
|
$
1.35
|
|
|
|
|
|
|
|
Weighted Average Shares
Used to Calculate EPS:
|
|
|
|
|
|
Basic
|
125,903
|
124,328
|
125,438
|
123,959
|
|
Diluted
|
127,578
|
125,967
|
127,230
|
125,615
|
|
|
|
|
|
|
|
|
Other Operational Information
(in thousands):
|
|
|
|
|
Three Months
Ended
|
Nine Months
Ended
|
|
|
July 1,
2011
|
July 2,
2010
|
July 1,
2011
|
July 2,
2010
|
|
Revenues by Major
Component:
|
|
|
|
|
|
Technical
professional services
|
$
1,593,516
|
$
1,280,117
|
$
4,289,543
|
$
3,844,900
|
|
Field
services
|
1,150,662
|
1,227,608
|
3,368,826
|
3,727,584
|
|
Total
|
$
2,744,178
|
$
2,507,725
|
$
7,658,369
|
$
7,572,484
|
|
|
|
|
|
|
|
Depreciation
(pre-tax)
|
$
14,242
|
$
14,937
|
$
42,650
|
$
48,202
|
|
Amortization of
Intangibles (pre-tax)
|
$
10,934
|
$
5,936
|
$
26,493
|
$
17,512
|
|
Pass-Through Costs
Included in Revenues
|
$
486,010
|
$
705,600
|
$
1,561,858
|
$
2,154,547
|
|
|
|
|
|
|
|
Capital Expenditures
(1)
|
$
66,193
|
$
17,857
|
$
83,571
|
$
41,229
|
|
|
|
|
|
|
|
|
(1) Capital expenditures
for the three and nine months ended July 1, 2011 include $49.1
million related to the purchase of a certain office building
located in Houston, Texas and the associated equipment and
furniture.
|
|
|
Selected Balance Sheet and
Backlog Information (in thousands):
|
|
|
|
|
July 1,
2011
|
July 2,
2010
|
|
Balance Sheet
Information:
|
|
|
|
Cash and
cash equivalents
|
$
773,819
|
$
941,680
|
|
Working
capital
|
994,911
|
1,406,503
|
|
Total
debt
|
551,198
|
94,127
|
|
Total Group
stockholders' equity
|
3,153,178
|
2,817,792
|
|
|
|
|
|
Backlog
Information:
|
|
|
|
Technical
professional services
|
$
8,666,300
|
$
7,793,200
|
|
Field
services
|
5,335,600
|
5,662,500
|
|
Total
|
$ 14,001,900
|
$ 13,455,700
|
|
|
|
|
|
|
For additional information
contact:
|
|
|
John W. Prosser, Jr.
|
|
|
Executive Vice President,
Finance and Administration
|
|
|
626.578.6803
|
|
|
|
(Logo:
http://photos.prnewswire.com/prnh/20110628/LA26838LOGO)
SOURCE Jacobs Engineering Group Inc.