Jacobs Engineering Group Inc. (NYSE:JEC) announced today its
financial results for the second quarter of fiscal 2013 ended
March 29, 2013.
Second Quarter Fiscal 2013 Highlights:
- Net earnings for the quarter of $104.4
million;
- Diluted EPS for the quarter of
$0.80;
- Net earnings for the six months ended
March 29, 2013 of $203.4 million;
- Diluted EPS for the six months ended
March 29, 2013 of $1.56; and
- Backlog at March 29, 2013 of $16.8
billion.
Jacobs reported today net earnings of $104.4 million, or $0.80
per diluted share, on revenues of $2.84 billion for its
second quarter of fiscal 2013 ended March 29, 2013. This is up
from net earnings of $83.9 million, or $0.65 per diluted share, on
revenues of $2.70 billion for the second quarter of fiscal 2012
ended March 30, 2012.
Jacobs also announced that backlog grew by 11.2% totaling $16.8
billion at March 29, 2013, including a technical professional
services component of $10.9 billion. This compares to total backlog
and technical professional services backlog of $15.1 billion and
$9.9 billion, respectively, at March 30, 2012.
Commenting on the results for the second quarter, Jacobs
President and CEO Craig L. Martin stated, “Our second quarter
performance resulted in solid growth in earnings, both
quarter-over-quarter and year-over-year. New bookings were good as
well, so backlog continues to improve. Prospects for the remainder
of the year continue the favorable trend established in the first
half, so the second half of FY13 looks positive.”
Commenting on the Company's earnings outlook for the remainder
of fiscal 2013, Jacobs Chief Financial Officer John W. Prosser, Jr.
stated, “Our second quarter results and outlook for the remainder
of the year are in line with our expectations. 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 Tuesday, April 30, 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 Six Months
Ended March 29,2013 March 30,2012
March 29,2013 March 30,2012 Revenues $
2,835,084 $ 2,702,851 $ 5,594,725 $ 5,334,619 Costs
and Expenses: Direct costs of contracts (2,370,183 ) (2,276,647 )
(4,694,101 ) (4,487,373 ) Selling, general, and administrative
expenses (299,698 ) (293,066 )
(575,152 ) (572,156 ) Operating Profit 165,203 133,138
325,472 275,090 Other Income (Expense): Interest income 1,099 1,563
2,189 2,958 Interest expense (3,035 ) (2,496 ) (6,729 ) (6,158 )
Miscellaneous income (expense), net (1,359 )
110 (2,713 ) (21 ) Total other expense,
net (3,295 ) (823 ) (7,253 )
(3,221 ) Earnings Before Taxes 161,908 132,315 318,219
271,869 Income Tax Expense (54,819 ) (44,869 )
(106,607 ) (92,987 ) Net Earnings of the Group
107,089 87,446
211,612 178,882 Net Earnings Attributable to
Noncontrolling Interests
(2,688 ) (3,513 ) (8,201 )
(5,239 ) Net Earnings Attributable to Jacobs $
104,401 $ 83,933 $ 203,411
$ 173,643 Earnings Per Share (“EPS”): Basic $
0.81 $ 0.66 $ 1.58 $ 1.37 Diluted $ 0.80
$ 0.65 $ 1.56 $ 1.35
Weighted Average Shares Used to Calculate EPS: Basic
129,096 127,412 128,876 127,171 Diluted 130,730
128,726 130,284
128,347
Other Operational Information (in
thousands):
Three Months Ended Six Months
Ended March 29,2013 March 30,2012
March 29,2013 March 30,2012 Revenues by Major
Component: Technical professional
services $ 1,694,129 $ 1,654,744 $ 3,306,048 $ 3,192,779 Field
services 1,140,955 1,048,107
2,288,677 2,141,840 Total
$ 2,835,084 $ 2,702,851 $
5,594,725 $ 5,334,619 Depreciation (pre-tax)
$ 16,598 $ 14,627
$ 32,091 $ 28,488 Amortization of Intangibles
(pre-tax) $ 6,699 $ 10,645
$ 15,681 $ 22,020 Pass-Through Costs
Included in Revenues $ 573,617 $
572,220 $ 1,120,033 $ 1,116,052
Capital Expenditures $ 39,311 $
17,649 $ 64,485 $ 37,751
Selected Balance Sheet and
Backlog Information (in
thousands):
March 29,2013 March 30,2012 Balance
Sheet Information: Cash and cash equivalents $
1,166,207 $ 921,507 Working capital 1,987,257 1,436,251 Total debt
450,813 541,163 Total Jacobs stockholders' equity
3,955,547 3,454,414 Backlog Information:
Technical professional services $ 10,888,900 $ 9,906,700 Field
services 5,901,400 5,189,100 Total
$ 16,790,300 $ 15,095,800
Jacobs Engineering (NYSE:JEC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Jacobs Engineering (NYSE:JEC)
Historical Stock Chart
From Jul 2023 to Jul 2024