JEC Jacobs Engineering Group Inc

Jacobs Engineering Group Inc. (NYSE:JEC) announced today its financial results for the first quarter of fiscal 2013 ended December 28, 2012.

First Quarter Fiscal 2013 Highlights:

• Net earnings for the quarter of $99.0 million;
• Diluted EPS for the quarter of $0.76;
• Backlog at December 28, 2012 of $16.2 billion.

Jacobs reported today net earnings of $99.0 million, or $0.76 per diluted share, on revenues of $2.76 billion for its first quarter of fiscal 2013 ended December 28, 2012. This is up from net earnings of $89.7 million, or $0.70 per diluted share, on revenues of $2.63 billion for the first quarter of fiscal 2012 ended December 30, 2011.

Jacobs also announced that backlog grew by 11.8% totaling $16.2 billion at December 28, 2012, including a technical professional services component of $10.4 billion. This compares to total backlog and technical professional services backlog of $14.5 billion and $9.5 billion, respectively, at December 30, 2011.

Commenting on the results for the first quarter, Jacobs President and CEO Craig L. Martin stated, “The business is doing well. Operating performance and cost control are both good and our backlog continues to grow. We see continuing growth in a number of key markets and multiple opportunities for increasing market share. Our outlook for fiscal 2013 remains very positive.”

Commenting on the Company's earnings outlook for the remainder of fiscal 2013, Jacobs Chief Financial Officer John W. Prosser, Jr. stated, “First quarter results are in line with our expectations, and we are maintaining our guidance at $3.00 to $3.50 per share.”

Jacobs is hosting a conference call at 11:00 a.m. Eastern Time on Thursday, January 24, 2013, which it is 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 2012 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 28,2012

   

December 30,2011

Revenues $ 2,759,641     $ 2,631,768 Costs and Expenses: Direct costs of contracts (2,323,918 ) (2,210,726 ) Selling, general, and administrative expenses       (275,454 )     (279,090 ) Operating Profit 160,269 141,952 Other Income (Expense): Interest income 1,090 1,395 Interest expense (3,694 ) (3,662 ) Miscellaneous expense, net       (1,354 )     (131 ) Total other income (expense), net       (3,958 )     (2,398 ) Earnings Before Taxes 156,311 139,554 Income Tax Expense       (51,788 )     (48,118 ) Net Earnings of the Group       104,523       91,436   Net Earnings Attributable to

Noncontrolling Interests

      (5,513 )     (1,726 ) Net Earnings Attributable to Jacobs       $ 99,010       $ 89,710   Earnings Per Share (“EPS”): Basic $ 0.77 $ 0.71 Diluted       $ 0.76       $ 0.70     Weighted Average Shares Used to Calculate EPS: Basic 128,644 126,921 Diluted       129,669       128,087    

Other Operational Information (in thousands):

    Three Months Ended      

December 28,2012

   

December 30,2011

Revenues by Major Component:     Technical professional services $ 1,611,919 $ 1,538,035 Field services     1,147,722       1,093,733 Total     $ 2,759,641       $ 2,631,768   Depreciation (pre-tax)     $ 15,493       $ 13,861 Amortization of Intangibles (pre-tax)     $ 8,982       $ 11,375 Pass-Through Costs Included in Revenues     $ 546,416       $ 543,832   Capital Expenditures     $ 25,174       $ 20,102  

Selected Balance Sheet and Backlog Information (in thousands):

              December 28,2012     December 30,2011 Balance Sheet Information: Cash and cash equivalents $ 1,241,745 $ 959,237 Working capital 1,944,572 1,135,176 Total debt 518,237 535,724 Total Jacobs stockholders' equity     3,829,076       3,439,179   Backlog Information: Technical professional services $ 10,407,300 $ 9,529,500 Field services     5,782,300       4,952,500 Total     $ 16,189,600       $ 14,482,000