Jacobs Engineering Group Inc. (NYSE:JEC) announced today its
financial results for the third quarter of fiscal 2013 ended
June 28, 2013.
Third Quarter Fiscal 2013 Highlights:
- Net earnings for the quarter of $108.9
million;
- Diluted EPS for the quarter of
$0.83;
- Net earnings for the nine months ended
June 28, 2013 of $312.3 million;
- Diluted EPS for the nine months ended
June 28, 2013 of $2.39; and,
- Backlog at June 28, 2013 of $17.2
billion.
Jacobs reported today net earnings of $108.9 million, or $0.83
per diluted share, on revenues of $3.08 billion for its
third quarter of fiscal 2013 ended June 28, 2013. This is up
from net earnings of $97.9 million, or $0.76 per diluted share, on
revenues of $2.77 billion for the third quarter of fiscal 2012
ended June 29, 2012.
For the nine months ended June 28, 2013, Jacobs reported
net earnings of $312.3 million, or $2.39 per diluted share, on
revenues of $8.68 billion. This compares to net earnings of $271.5
million, or $2.11 per diluted share, on revenues of $8.11 billion
for the same period in fiscal 2012.
Jacobs also announced that backlog grew by 10.2% totaling $17.2
billion at June 28, 2013, including a technical professional
services component of $11.1 billion. This compares to total backlog
and technical professional services backlog of $15.6 billion and
$10.2 billion, respectively, at June 29, 2012.
Commenting on the results for the third quarter, Jacobs
President and CEO Craig L. Martin stated, “Third quarter results
were good. Our earnings grew, backlog improved, and our overall
operating performance met our expectations. We continue to see
significant sales activity in most of our markets and our team
demonstrated its ability to take market share throughout the
quarter. We remain positive about the outlook for FY13.”
Commenting on the Company's earnings outlook for the remainder
of fiscal 2013, Jacobs Chief Financial Officer John W. Prosser, Jr.
stated, “Our third quarter results and outlook for the year
continue to be in line with our previous guidance therefore we are
reaffirming our guidance range of $3.00 to $3.50 per share.”
Jacobs is hosting a conference call at 11:00 a.m. Eastern Time
on Tuesday, July 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 Nine
Months Ended
June 28,2013
June 29,2012
June 28,2013
June 29,2012
Revenues $ 3,080,995 $ 2,772,874 $ 8,675,720
$ 8,107,493 Costs and Expenses: Direct costs of contracts
(2,613,991 ) (2,339,793 ) (7,308,092 ) (6,827,166 ) Selling,
general, and administrative expenses (298,645 )
(279,715 ) (873,797 )
(851,871 ) Operating Profit 168,359 153,366 493,831 428,456 Other
Income (Expense): Interest income 1,332 2,325 3,521 5,283 Interest
expense (2,786 ) (2,990 ) (9,515 ) (9,148 ) Miscellaneous income
(expense), net 1,518 (1,330 )
(1,195 ) (1,351 ) Total other income
(expense), net 64 (1,995 )
(7,189 ) (5,216 ) Earnings Before Taxes
168,423 151,371 486,642 423,240 Income Tax Expense
(56,334 ) (50,381 ) (162,941 )
(143,368 ) Net Earnings of the Group 112,089
100,990 323,701
279,872 Net Earnings Attributable to
Noncontrolling Interests
(3,218 ) (3,090 ) (11,419
) (8,329 ) Net Earnings Attributable to Jacobs
$ 108,871 $ 97,900
$ 312,282 $ 271,543 Earnings Per Share
(“EPS”): Basic $ 0.84 $ 0.77 $ 2.42 $ 2.13 Diluted $
0.83 $ 0.76 $ 2.39
$ 2.11 Weighted Average Shares Used to
Calculate EPS: Basic 129,536 127,922 129,094 127,422 Diluted
131,295 128,820
130,590 128,504
Other Operational
Information (in thousands):
Three Months Ended
Nine Months Ended June
28,2013 June 29,2012 June
28,2013 June 29,2012 Revenues by Major Component:
Technical professional services $
1,719,986 $ 1,640,157 $ 5,026,034 $ 4,832,936 Field services
1,361,009 1,132,717
3,649,686 3,274,557 Total
$ 3,080,995 $ 2,772,874
$ 8,675,720 $ 8,107,493
Depreciation (pre-tax) $ 17,737
$ 14,535 $ 49,828
$ 43,023 Amortization of Intangibles (pre-tax) $
6,646 $ 10,138 $
22,327 $ 32,158 Pass-Through Costs Included in
Revenues $ 674,715 $ 583,136
$ 1,794,748 $
1,699,188 Capital Expenditures $ 27,035
$ 32,554 $ 91,520
$ 70,305
Selected Balance
Sheet and Backlog Information (in thousands):
June 28,2013 June 29,2012
Balance Sheet Information: Cash and cash equivalents $ 1,295,517 $
898,588 Working capital 2,066,934 1,734,293 Total debt 444,976
512,445 Total Jacobs stockholders' equity 4,091,606
3,656,686 Backlog Information:
Technical professional services $ 11,087,100 $ 10,174,900 Field
services 6,108,500 5,426,200
Total $ 17,195,600 $ 15,601,100
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