Technical consultancy services provider Jacobs Engineering Group, Inc. (JEC) reported late Monday a profit for the second quarter that increased from last year, reflecting revenue growth.
However, both earnings per share and quarterly revenues missed analysts' expectations. The company also trimmed the top-end of its earnings guidance range for the full-year 2012.
"While this quarter's earnings were disappointing, the outlook remains positive. Backlog is up 4.2% sequentially and up 7.8% year-over-year. Our prospects are strong and we anticipate a very good year from a sales perspective," President and CEO Craig Martin said in a statement.
The Pasadena, California-based company posted net earnings of $83.93 million or $0.65 per share for the second quarter, higher than $80.25 million or $0.63 per share in the prior-year quarter.
On average, 21 analysts polled by Thomson Reuters expected the company to report earnings of $0.74 per share for the second quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew to $2.70 billion from $2.56 billion in the same quarter last year, but missed seventeen Wall Street analysts' consensus estimate of $2.78 billion.
On a segmental basis, technical professional services revenues for the quarter grew to $1.65 billion from last year's $1.49 billion, while revenues for field services totaled $1.05 billion, lower than $1.07 billion in the prior-year quarter.
The company's backlog at the end of the second quarter totaled $15.10 billion, including a technical professional services component of $9.91 billion, compared to $14.01 billion, including technical professional services backlog of $8.67 billion at the end of the year-ago quarter.
Operating Profit for the quarter grew to $133.14 million from $128.02 million in the prior-year quarter.
"Our second quarter results were below expectations. Three factors contributed to the results: first, our SG&A expenses were higher than expected; additionally, several planned turnarounds were deferred until FY13, reducing field services margins; lastly, professional services margins in March were lower than anticipated," CFO John Prosser, Jr. noted.
Looking ahead to fiscal 2012, Jacobs Engineering lowered the top-end of the prior earnings guidance range to now be in a range of $2.80 to $3.00 per share from the previous outlook range of $2.80 to $3.20 per share. Street is currently looking for full-year 2012 earnings of $3.04 per share.
JEC closed Monday's regular trading session at $43.83, down $0.77 or 1.73% on a volume of 0.99 million shares.
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