Jacobs Engineering Group Inc. (NYSE:JEC) announced today its
financial results for the fiscal year and fourth quarter ended
September 28, 2012.
Fiscal 2012 and Fourth Quarter Fiscal 2012 Highlights (including
a one-time gain):
- Net earnings for fiscal 2012 of $379
million;
- Diluted EPS for fiscal 2012 of
$2.94;
- Net earnings for the fourth quarter of
fiscal 2012 of $107.4 million;
- Diluted EPS for the fourth quarter of
fiscal 2012 of $0.83; and,
- Backlog at September 28, 2012 of
$15.9 billion.
Jacobs reported net earnings of $379 million, or $2.94 per
diluted share ($375 million, or $2.91 per diluted share excluding a
one-time gain), on revenues of $10.89 billion for its fiscal
year ended September 28, 2012. This compares to net earnings
of $331 million, or $2.60 per diluted share, on revenues of $10.38
billion for fiscal 2011.
For the fourth quarter of fiscal 2012, Jacobs reported net
earnings of $107.4 million, or $0.83 per diluted share ($103.4
million, or $0.80 per diluted share excluding a one-time gain), on
revenues of $2.79 billion. This rose from net earnings of $94.3
million, or $0.74 per diluted share, on revenues of $2.72 billion
for the same period in fiscal 2011.
Included in the Company's results for the fiscal year and
quarter ended September 28, 2012 is a one-time, after-tax gain
of $4.0 million, or $0.03 per diluted share, related to the
sale of the Company's intellectual property for iron ore
pelletizing and other related assets.
Jacobs also announced that backlog grew by 11.3%, totaling $15.9
billion at September 28, 2012, including a technical
professional services component of $10.3 billion. This compares to
total backlog and technical professional services backlog of $14.3
billion and $9.1 billion, respectively, at September 30,
2011.
Commenting on the results for the year, Jacobs President and CEO
Craig L. Martin stated, “Fiscal 2012 was a good year. Our business
grew across most markets, demonstrating that our diversification
strategy and core client focus gives us the ability to excel even
in challenging economic times. Earnings grew by over 13%, and
fiscal 2013 looks promising.”
Commenting on the Company's earnings outlook for fiscal 2013,
Jacobs Chief Financial Officer John W. Prosser, Jr. stated, “Based
on our strong backlog and the increasing opportunities we see as we
finish calendar 2012, we are initiating guidance for fiscal 2013
earnings per share within a range of $3.00 to $3.50.”
Jacobs is hosting a conference call at 11:00 a.m. Eastern Time
on Tuesday, November 13, 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 Year Ended
September 28,2012 September 30,2011
September 28,2012 September 30,2011 Revenues $ 2,786,285
$ 2,723,295 $ 10,893,778 $ 10,381,664 Costs and
Expenses: Direct costs of contracts (2,339,623 ) (2,296,733 )
(9,166,789 ) (8,822,171 ) Selling, general, and administrative
expenses (279,045 ) (278,658 )
(1,130,916 ) (1,040,575 ) Operating Profit 167,617 147,904
596,073 518,918 Other Income (Expense): Interest income 766 1,527
6,049 4,917 Interest expense (2,538 ) (2,684 ) (11,686 ) (8,799 )
Gain on sale of intellectual property, net 6,292 — 6,292 —
Miscellaneous income (expense), net (2,041 )
(1,591 ) (3,392 ) 1,625 Total other income
(expense), net 2,479 (2,748 )
(2,737 ) (2,257 ) Earnings Before Taxes 170,096 145,156
593,336 516,661 Income Tax Expense (59,014 )
(49,909 ) (202,382 ) (181,440 ) Net Earnings of the
Group 111,082 95,247
390,954 335,221
Net Earnings Attributable to
Noncontrolling Interests
(3,671 ) (967 ) (12,000 ) (4,192
) Net Earnings Attributable to Jacobs $ 107,411
$ 94,280 $ 378,954 $
331,029 Earnings Per Share (“EPS”): Basic $ 0.84 $ 0.75 $
2.97 $ 2.63 Diluted $ 0.83 $ 0.74
$ 2.94 $ 2.60 Weighted
Average Shares Used to Calculate EPS: Basic 128,338 126,463 127,644
125,686 Diluted 129,252 127,537
128,692 127,235
Other Operational
Information (in thousands):
Three Months Ended Year Ended
September 28,2012 September 30,2011
September 28,2012 September 30,2011 Revenues by Major
Component: Technical professional services $
1,632,514 $ 1,596,593 $ 6,465,450 $ 5,886,136 Field services
1,153,771 1,126,702 4,428,328
4,495,528 Total $ 2,786,285
$ 2,723,295 $ 10,893,778 $
10,381,664 Depreciation (pre-tax) $ 15,867
$ 14,970 $ 58,890 $
57,620 Amortization of Intangibles (pre-tax) $ 9,776
$ 11,257 $ 41,934 $
37,750 Pass-Through Costs Included in Revenues $
629,213 $ 556,672 $ 2,328,401
$ 2,118,530 Capital Expenditures $
32,269 $ 15,178 $ 102,574
$ 98,749
Selected Balance
Sheet and Backlog Information
(in thousands):
September 28,2012
September 30,2011(1) Balance Sheet Information: Cash and cash
equivalents $ 1,032,457 $ 905,633 Working capital 1,865,025
1,011,565 Total debt 528,260 568,073 Total Jacobs stockholders'
equity 3,722,473 3,312,988
Backlog Information: Technical professional services $ 10,266,500 $
9,100,100 Field services 5,643,200
5,189,700 Total $ 15,909,700 $
14,289,800
(1) The September 30, 2011 Consolidated Balance Sheet has
been revised to reflect certain purchase price adjustments
identified during the measurement period and recorded after the
balance sheet date.
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