PASADENA, Calif., July 30, 2012 /PRNewswire/ -- Jacobs Engineering
Group Inc. (NYSE:JEC) announced today its financial results for the
third quarter of fiscal 2012 ended June 29, 2012.
Third Quarter Fiscal 2012 Highlights:
- Net earnings for the quarter of $97.9
million;
- Diluted EPS for the quarter of $0.76;
- Net earnings for the nine months ended June 29, 2012 of
$271.5 million;
- Diluted EPS for the nine months ended June 29, 2012 of
$2.11; and,
- Backlog at June 29, 2012 of $15.6
billion.
Jacobs reported today net earnings of $97.9 million, or $0.76 per diluted share, on revenues of
$2.77 billion for its third
quarter of fiscal 2012 ended June 29, 2012. This
compares to net earnings of $90.7
million, or $0.71 per diluted
share, on revenues of $2.74 billion
for the third quarter of fiscal 2011 ended July 1, 2011.
For the nine months ended June 29, 2012, Jacobs reported
net earnings of $271.5 million, or
$2.11 per diluted share, on revenues
of $8.11 billion. This
compares to net earnings of $236.7
million, or $1.86 per diluted
share, on revenues of $7.66 billion
for the same period in fiscal 2011.
Jacobs also announced today backlog totaling $15.6 billion at June 29, 2012, including a
technical professional services component of $10.2 billion. This compares to total
backlog and technical professional services backlog of $14.0 billion and $8.7
billion, respectively, at July 1, 2011.
Commenting on the results for the second quarter, Jacobs
President and CEO Craig L. Martin
stated, "The third quarter was very much in line with our
expectations. Gross margins increased, we managed our
SG&A very well, and backlog continues to grow. Our new
business outlook is robust, so we remain positive about both our
fourth quarter and fiscal 2013."
Commenting on the Company's earnings outlook for the remainder
of fiscal 2012, Jacobs Chief Financial Officer John W. Prosser, Jr. stated, "Based on our third
quarter results and the current business outlook, we are
maintaining our guidance at $2.80 To
$3.00 per share for fiscal 2012."
Jacobs is hosting a conference call at 11:00 a.m. Eastern Time on Tuesday, July 31, 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
|
|
Nine
Months Ended
|
|
June 29,
2012
|
July 1,
2011
|
|
June
29,
2012
|
July 1,
2011
|
Revenues
|
$
|
2,772,874
|
|
$
|
2,744,178
|
|
|
$
|
8,107,493
|
|
$
|
7,658,369
|
|
Costs and
Expenses:
|
|
|
|
|
|
Direct costs of contracts
|
(2,339,793)
|
|
(2,331,466)
|
|
|
(6,827,166)
|
|
(6,525,438)
|
|
Selling, general, and administrative
expenses
|
(279,715)
|
|
(273,332)
|
|
|
(851,871)
|
|
(761,917)
|
|
Operating
Profit
|
153,366
|
|
139,380
|
|
|
428,456
|
|
371,014
|
|
Other
Income (Expense):
|
|
|
|
|
|
Interest income
|
2,325
|
|
1,317
|
|
|
5,283
|
|
3,390
|
|
Interest expense
|
(2,990)
|
|
(2,568)
|
|
|
(9,148)
|
|
(6,115)
|
|
Miscellaneous income (expense), net
|
(1,330)
|
|
3,172
|
|
|
(1,351)
|
|
3,216
|
|
Total other income (expense), net
|
(1,995)
|
|
1,921
|
|
|
(5,216)
|
|
491
|
|
Earnings
Before Taxes
|
151,371
|
|
141,301
|
|
|
423,240
|
|
371,505
|
|
Income Tax
Expense
|
(50,381)
|
|
(49,365)
|
|
|
(143,368)
|
|
(131,531)
|
|
Net
Earnings of the Group
|
100,990
|
|
91,936
|
|
|
279,872
|
|
239,974
|
|
Net
Earnings Attributable to
Noncontrolling Interests
|
(3,090)
|
|
(1,260)
|
|
|
(8,329)
|
|
(3,225)
|
|
Net
Earnings Attributable to Jacobs
|
$
|
97,900
|
|
$
|
90,676
|
|
|
$
|
271,543
|
|
$
|
236,749
|
|
Earnings
Per Share ("EPS"):
|
|
|
|
|
|
Basic
|
$
|
0.77
|
|
$
|
0.72
|
|
|
$
|
2.13
|
|
$
|
1.89
|
|
Diluted
|
$
|
0.76
|
|
$
|
0.71
|
|
|
$
|
2.11
|
|
$
|
1.86
|
|
|
|
|
|
|
|
Weighted
Average Shares Used to Calculate EPS:
|
|
|
|
|
|
Basic
|
127,922
|
|
125,903
|
|
|
127,422
|
|
125,438
|
|
Diluted
|
128,820
|
|
127,578
|
|
|
128,504
|
|
127,230
|
|
|
Other Operational Information (in
thousands):
|
|
|
|
|
|
Three
Months Ended
|
|
Nine
Months Ended
|
|
June 29,
2012
|
July 1,
2011
|
|
June 29,
2012
|
July 1,
2011
|
Revenues
by Major Component:
|
|
|
|
|
|
Technical professional services
|
$
|
1,640,157
|
|
$
|
1,593,516
|
|
|
$
|
4,832,936
|
|
$
|
4,289,543
|
|
Field services
|
1,132,717
|
|
1,150,662
|
|
|
3,274,557
|
|
3,368,826
|
|
Total
|
$
|
2,772,874
|
|
$
|
2,744,178
|
|
|
$
|
8,107,493
|
|
$
|
7,658,369
|
|
|
|
|
|
|
|
Depreciation (pre-tax)
|
$
|
14,535
|
|
$
|
14,242
|
|
|
$
|
43,023
|
|
$
|
42,650
|
|
Amortization of Intangibles (pre-tax)
|
$
|
10,138
|
|
$
|
10,934
|
|
|
$
|
32,158
|
|
$
|
26,493
|
|
Pass-Through Costs Included in Revenues
|
$
|
583,136
|
|
$
|
486,010
|
|
|
$
|
1,699,188
|
|
$
|
1,561,858
|
|
|
|
|
|
|
|
Capital
Expenditures
|
$
|
32,554
|
|
$
|
66,193
|
|
|
$
|
70,305
|
|
$
|
83,571
|
|
Selected Balance Sheet and Backlog Information
(in thousands):
|
|
|
June 29,
2012
|
July 1,
2011
|
Balance
Sheet Information:
|
|
|
Cash and
cash equivalents
|
$
|
898,588
|
|
$
|
773,819
|
|
Working
capital
|
1,734,293
|
|
994,911
|
|
Total
debt
|
512,445
|
|
551,198
|
|
Total
Jacobs stockholders' equity
|
3,656,686
|
|
3,141,843
|
|
|
|
|
Backlog
Information:
|
|
|
Technical
professional services
|
$
|
10,174,900
|
|
$
|
8,666,300
|
|
Field
services
|
5,426,200
|
|
5,335,600
|
|
Total
|
$
|
15,601,100
|
|
$
|
14,001,900
|
|
(Logo:
http://photos.prnewswire.com/prnh/20110628/LA26838LOGO)
For additional information contact:
John W. Prosser, Jr.
Executive Vice President, Finance and Administration
626.578.6803
SOURCE Jacobs Engineering Group Inc.