Jacobs Engineering Group Inc. (NYSE:JEC) announced today its
financial results for the first quarter of fiscal 2015 ended
December 26, 2014.
First Quarter Fiscal 2015 Highlights:
- Net earnings of $100.1 million;
- Diluted EPS of $0.77;
- Backlog at December 26, 2014 of
$19.1 billion; and,
- Repurchase of 2.5 million shares of
common stock for $113.7 million.
Jacobs reported today net earnings of $100.1 million, or $0.77
per diluted share, on revenues of $3.2 billion for its first
quarter of fiscal 2015 ended December 26, 2014. This compares
to net earnings of $93.7 million, or $0.71 per diluted share, on
revenues of $3.1 billion for the first quarter of fiscal 2014 ended
December 27, 2013.
Jacobs also announced record total backlog of $19.1 billion at
December 26, 2014, including a technical professional services
component of $13.2 billion. This is up approximately 5.8% from
total backlog and up approximately 7.7% from technical professional
services backlog of $18.1 billion and $12.3 billion, respectively,
at December 27, 2013. This is also up approximately 4.0% from
total backlog and up approximately 3.3% from technical professional
services backlog of $18.4 billion and $12.6 billion, respectively,
at September 26, 2014.
Commenting on the results for the first quarter, Jacobs
Executive Chairman Noel Watson stated, “We were pleased with the
first quarter results. Backlog is at record levels. First quarter
sales were strong, and the prospect list for the rest of the year
is good. Even so, the oil and commodity prices create a level of
uncertainty for our industry, which leads us to be cautious in our
outlook.”
Mr. Watson added, “Our search for a new CEO is underway and the
Board will take the time it needs to find the right leader. In the
meantime, we have an experienced, highly capable executive
leadership team that is committed to delivering long-term growth
for our shareholders.”
Commenting on the Company’s earnings outlook for the remainder
of fiscal 2015, Jacobs Chief Financial Officer Kevin Berryman
stated, “Short-term, as market conditions remain challenging, we
are taking a cautious stance in guidance, as our outlook is now
more aligned with the lower half of our previously stated range.
Nonetheless, our backlog remains at record highs, supporting our
long-term view of the Company’s growth potential and the benefits
and competitive advantage that its diversity brings.”
Jacobs is hosting a conference call at 11:00 a.m. Eastern Time
on Thursday, January 29, 2015, 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, which we believe to be reasonable, and currently
available competitive, financial, and economic data,
forward-looking statements are inherently uncertain, and you should
not place undue reliance on such statements as actual results may
differ materially. We caution the reader that there are a variety
of risks, uncertainties and other factors that could cause actual
results to differ materially from what is contained, projected or
implied by our forward-looking statements. For a description of
some of the factors that may occur that could cause actual results
to differ from our forward-looking statements see our Annual Report
on Form 10-K for the period ended September 26, 2014, 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, as well as the Company’s other
filings with the Securities and Exchange Commission. 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 26,
December 27, 2014
2013 Revenues $ 3,187,005 $ 3,068,891 Costs
and Expenses: Direct costs of contracts (2,667,559 ) (2,615,200 )
Selling, general, and administrative expenses
(361,223 ) (308,644 ) Operating
Profit 158,223 145,047 Other Income (Expense): Interest income
2,276 1,796 Interest expense (5,318 ) 191 Miscellaneous expense,
net (486 )
(113 ) Total other income (expense), net
(3,528 ) 1,874 Earnings
Before Taxes 154,695 146,921 Income Tax Expense
(48,500 ) (47,972 ) Net
Earnings of the Group 106,195
98,949
Net Earnings Attributable to
Noncontrolling Interests
(6,116 )
(5,217 ) Net Earnings Attributable to Jacobs $
100,079 $ 93,732 Earnings Per
Share (“EPS”): Basic $ 0.78 $ 0.72 Diluted $
0.77 $ 0.71 Weighted
Average Shares Used to Calculate EPS: Basic 128,652
130,121 Diluted
129,973 132,180
Other Operational
Information (in thousands):
Three Months Ended December 26,
December 27, 2014
2013 Revenues by Major Component: Technical
professional services $ 1,932,524 $ 1,673,412 Field services
1,254,481
1,395,479 Total $ 3,187,005
$ 3,068,891 Depreciation
(pre-tax) $ 26,006
$ 19,649 Amortization of Intangibles (pre-tax)
$ 12,981 $ 8,637
Pass-Through Costs Included in Revenues $
706,830 $ 752,023 Capital
Expenditures $ (33,775 )
$ (37,948 )
Selected Balance
Sheet and Backlog Information (in thousands):
December 26,
December 27, 2014
2013 Balance Sheet Information: Cash and cash equivalents $ 670,081
$ 1,011,236 Working capital 1,447,129 1,782,125 Total debt 750,942
1,094,555 Total Jacobs stockholders' equity
$
4,438,203
$
4,322,993 Backlog Information: Technical professional
services $ 13,222,400 $ 12,279,700 Field services
5,885,000 5,774,500 Total
$ 19,107,400 $ 18,054,200
Jacobs Engineering Group Inc.Kevin C. Berryman,
626-578-3505Executive Vice President and Chief Financial
Officer
Jacobs Engineering (NYSE:JEC)
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