PASADENA, Calif., Jan. 25, 2012 /PRNewswire/ -- Jacobs Engineering
Group Inc. (NYSE: JEC) announced today its financial results for
the first quarter of fiscal 2012 ended December 30, 2011.
First Quarter Fiscal 2012 Highlights:
- Net earnings of $89.7
million;
- Diluted EPS of $0.70; and,
- Backlog at December 30, 2011 of
$14.5 billion.
Jacobs reported today net earnings of $89.7 million, or $0.70 per diluted share, on revenues of
$2.63 billion for its first
quarter of fiscal 2012 ended December 30, 2011.
This compares to net earnings of $65.8
million, or $0.52 per diluted
share, on revenues of $2.36 billion
for the first quarter of fiscal 2011 ended
December 31, 2010.
Jacobs also announced today backlog totaling $14.5 billion at December 30, 2011,
including a technical professional services component of
$9.5 billion. This compares to
total backlog and technical professional services backlog of
$13.0 billion and $7.9 billion, respectively, at
December 31, 2010.
Commenting on the results for the first quarter, Jacobs
President and CEO Craig L. Martin
stated, "The business continues to benefit from improving markets
and solid sales and operations performance. Our outlook
remains positive, as the number and quality of our prospects
continue to grow."
Commenting on the Company's earnings outlook for the remainder
of fiscal 2012, Jacobs Chief Financial Officer John W. Prosser, Jr. stated, "With first quarter
results in-line with our expectations, we are maintaining our
guidance at $2.80 to $3.20 per
share."
Jacobs is hosting a conference call at 11:00 a.m. Eastern Time on Thursday, January 26, 2012, 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 including those noted in our 2011 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
|
|
|
December
30,
2011
|
December
31,
2010
|
|
Revenues
|
$
|
2,631,768
|
|
$
|
2,356,175
|
|
|
Costs and
Expenses:
|
|
|
|
Direct costs of
contracts
|
(2,210,726)
|
|
(2,025,137)
|
|
|
Selling, general, and
administrative expenses
|
(279,090)
|
|
(227,419)
|
|
|
Operating
Profit
|
141,952
|
|
103,619
|
|
|
Other Income
(Expense):
|
|
|
|
Interest income
|
1,395
|
|
924
|
|
|
Interest expense
|
(3,662)
|
|
(827)
|
|
|
Miscellaneous income (expense),
net
|
(131)
|
|
7
|
|
|
Total other income (expense),
net
|
(2,398)
|
|
104
|
|
|
Earnings Before
Taxes
|
139,554
|
|
103,723
|
|
|
Income Tax
Expense
|
(48,118)
|
|
(37,026)
|
|
|
Net Earnings of the
Group
|
91,436
|
|
66,697
|
|
|
Net Income Attributable
to
Noncontrolling
Interest
|
(1,726)
|
|
(874)
|
|
|
Net Earnings Attributable
to Jacobs
|
$
|
89,710
|
|
$
|
65,823
|
|
|
Earnings Per Share
("EPS"):
|
|
|
|
Basic
|
$
|
0.71
|
|
$
|
0.53
|
|
|
Diluted
|
$
|
0.70
|
|
$
|
0.52
|
|
|
|
|
|
|
Weighted Average Shares
Used to Calculate EPS:
|
|
|
|
Basic
|
126,921
|
|
124,988
|
|
|
Diluted
|
128,087
|
|
126,640
|
|
|
|
|
|
|
|
|
|
|
|
Other Operational Information
(in thousands):
|
|
|
|
|
Three Months
Ended
|
|
|
December
30,
2011
|
December
31,
2010
|
|
Revenues by Major
Component:
|
|
|
|
Technical professional
services
|
$
|
1,538,035
|
|
$
|
1,204,813
|
|
|
Field services
|
1,093,733
|
|
1,151,362
|
|
|
Total
|
$
|
2,631,768
|
|
$
|
2,356,175
|
|
|
|
|
|
|
Depreciation
(pre-tax)
|
$
|
13,861
|
|
$
|
14,199
|
|
|
Amortization of
Intangibles (pre-tax)
|
$
|
13,098
|
|
$
|
6,034
|
|
|
Pass-Through Costs
Included in Revenues
|
$
|
543,832
|
|
$
|
534,888
|
|
|
|
|
|
|
Capital
Expenditures
|
$
|
20,102
|
|
$
|
6,664
|
|
|
|
|
|
|
|
|
|
|
|
Selected Balance Sheet and
Backlog Information (in thousands):
|
|
|
|
|
December
30,
2011
|
December
31,
2010
|
|
Balance Sheet
Information:
|
|
|
|
Cash and cash
equivalents
|
$
|
959,237
|
|
$
|
1,039,683
|
|
|
Working capital
|
1,135,176
|
|
1,582,284
|
|
|
Total debt
|
535,724
|
|
82,424
|
|
|
Total Jacobs stockholders'
equity
|
3,439,179
|
|
2,947,359
|
|
|
|
|
|
|
Backlog
Information:
|
|
|
|
Technical professional
services
|
$
|
9,529,500
|
|
$
|
7,871,900
|
|
|
Field services
|
4,952,500
|
|
5,116,500
|
|
|
Total
|
$
|
14,482,000
|
|
$
|
12,988,400
|
|
|
|
|
|
|
|
|
|
|
|
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.