Solid Performance Drives Double Digit Profit
Growth
Jacobs Engineering Group Inc. (NYSE:JEC) announced today its
financial results for the fiscal year and fourth quarter ended
September 27, 2013.
Fiscal 2013 and Fourth Quarter Fiscal 2013 Highlights:
- Net earnings for fiscal 2013 of $423.1
million;
- Diluted EPS for fiscal 2013 of
$3.23;
- Net earnings for the fourth quarter of
fiscal 2013 of $110.8 million;
- Diluted EPS for the fourth quarter of
fiscal 2013 of $0.84; and,
- Backlog at September 27, 2013 of
$17.2 billion.
Jacobs reported net earnings of $423.1 million, or $3.23 per
diluted share, on revenues of $11.8 billion for its fiscal
year ended September 27, 2013. This compares to 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 fiscal 2012.
For the fourth quarter of fiscal 2013, Jacobs reported net
earnings of $110.8 million, or $0.84 per diluted share, on revenues
of $3.14 billion. This rose from 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 for the
same period in fiscal 2012.
Included in the Company's results for the fiscal year and
quarter ended September 28, 2012 was 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 8.2%, totaling $17.2
billion at September 27, 2013, including a technical
professional services component of $11.1 billion. This compares to
total backlog and technical professional services backlog of $15.9
billion and $10.3 billion, respectively, at September 28,
2012.
Commenting on the results for the year, Jacobs President and CEO
Craig L. Martin stated, “It was a record year for net earnings at
Jacobs. We grew organically by ten percent and both our business
and our opportunities continue to grow. We’re discovering new and
innovative ways to add sustainable value to our clients’ projects
around the world. Our backlog is good, and we’re positive about
FY2014.”
Adding to the discussion on the Company's earnings outlook for
fiscal 2014, Jacobs Chief Financial Officer John W. Prosser, Jr.
stated, “While we expect some weakness in our first quarter, our
initial guidance for fiscal 2014 earnings per share is a range of
$3.35 to $3.90. The guidance includes the anticipated contribution
from the SKM transaction which is projected to close in December
2013.”
Jacobs is hosting a conference call at 11:00 a.m. Eastern Time
on Tuesday, November 19, 2013, 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 release that are not based on historical
fact are forward-looking statements. We base these forward-looking
statements on management’s current expectations as well as
currently available competitive, financial and economic data.
Forward-looking statements, however, are inherently uncertain and
you should not place undue reliance on them. There are a variety of
factors that could cause business conditions and actual results to
differ materially from these forward-looking statements. For a
description of some of the factors that may occur that could cause
actual conditions and results to differ from these forward-looking
statements please refer to our 2012 Form 10-K, and in particular
the discussions contained under Items 1 - Business, 1A - Risk
Factors, 3 - Legal Proceedings, and 7 - Management's Discussion and
Analysis of Financial Condition and Results of Operations. The
statements regarding the transaction with Sinclair Knight Merz are
also forward-looking statements and there is no certainty that the
transaction will close or that the expected results will occur. 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 27,2013 September
28,2012 September 27,2013
September 28,2012 Revenues $ 3,142,656
$ 2,786,285 $ 11,818,376 $ 10,893,778
Costs and Expenses: Direct costs of contracts (2,667,965 )
(2,339,623 ) (9,976,057 ) (9,166,789 ) Selling, general, and
administrative expenses (299,543 )
(279,045 )
(1,173,340 ) (1,130,916 ) Operating Profit
175,148 167,617 668,979 596,073 Other Income (Expense): Interest
income 1,874 766 5,395 6,049 Interest expense (3,391 ) (2,538 )
(12,906 ) (11,686 ) Gain on sale of intellectual property, net —
6,292 — 6,292 Miscellaneous income (expense), net
1,275 (2,041 )
80 (3,392 ) Total
other income (expense), net (242 )
2,479
(7,431 ) (2,737 ) Earnings Before Taxes
174,906 170,096 661,548 593,336 Income Tax Expense
(58,425 ) (59,014 )
(221,366 ) (202,382 ) Net
Earnings of the Group 116,481
111,082
440,182 390,954
Net Earnings Attributable to
Noncontrolling Interests
(5,670 ) (3,671 )
(17,089 ) (12,000
) Net Earnings Attributable to Jacobs $
110,811 $ 107,411
$ 423,093 $
378,954 Earnings Per Share (“EPS”): Basic $ 0.85 $ 0.84 $
3.27 $ 2.97 Diluted $ 0.84
$ 0.83 $
3.23 $ 2.94 Weighted
Average Shares Used to Calculate EPS: Basic 129,896 128,338 129,288
127,644 Diluted 132,013
129,252 130,945
128,692
Other Operational
Information (in thousands):
Three Months Ended Year Ended
September 27,2013
September 28,2012 September
27,2013 September 28,2012 Revenues by Major
Component: Technical
professional services $ 1,657,577 $ 1,632,514 $ 6,683,611 $
6,465,450 Field services 1,485,079
1,153,771
5,134,765 4,428,328 Total
$ 3,142,656 $ 2,786,285
$ 11,818,376
$ 10,893,778 Depreciation (pre-tax)
$ 20,061 $ 15,867
$ 69,889
$ 58,890 Amortization of Intangibles (pre-tax)
$ 6,658 $ 9,776
$ 28,985
$ 41,934 Pass-Through Costs Included in Revenues
$ 830,090 $ 629,213
$ 2,624,838
$ 2,328,401 Capital Expenditures
$ 35,750 $ 32,269
$ 127,270 $
102,574
Selected Balance
Sheet and Backlog Information
(in thousands):
September 27,2013
September 28,2012 Balance
Sheet Information: Cash and cash equivalents $ 1,256,405 $
1,032,457 Working capital 2,151,939 1,865,025 Total debt 437,868
528,260 Total Jacobs stockholders' equity
4,213,097
3,722,473 Backlog Information: Technical professional
services $ 11,118,400 $ 10,266,500 Field services
6,099,500
5,643,200 Total $ 17,217,900
$
15,909,700
Jacobs Engineering Group Inc.John W. Prosser, Jr.Executive Vice
President, Finance and Administration626.578.6803
Jacobs Engineering (NYSE:JEC)
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