Jacobs Engineering Q3 Profit Beats View; Backs Full-year Outlook

RELATED NEWS

Trade JEC now with

7/30/2012 11:42 PM ET

Technical consultancy services provider Jacobs Engineering Group Inc. (JEC: Quote) on Monday reported an 8 percent increase in profit for the third quarter on higher revenues.

Earnings per share beat analysts' expectations by a penny, while revenues missed their estimates. Looking ahead, the company maintained its earnings outlook for fiscal 2012.

On a segmental basis, technical professional services revenues for the third quarter rose 3 percent to $1.64 billion, while field services revenues declined 2 percent to $1.13 billion.

Craig Martin, CEO and President of Jacobs Engineering said, "The third quarter was very much in line with our expectations. Gross margins increased, we managed our SG&A very well, and backlog continues to grow. Our new business outlook is robust, so we remain positive about both our fourth quarter and fiscal 2013."

The company's backlog at the end of the third quarter totaled $15.60 billion, including a technical professional services component of $10.2 billion. This compares to total backlog of $14.01 billion at the end of the year-ago quarter, including technical professional services backlog of $8.67 billion.

Pasadena, California-based Jacob Engineering's third-quarter net earnings were $97.90 million or $0.76 per share, higher than $90.68 million or $0.71 per share in the prior-year quarter.

On average, 20 analysts polled by Thomson Reuters expected the company to earn $0.75 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter rose 1 percent to $2.77 billion from $2.74 billion in the year-ago period, but missed analysts' consensus estimate of $2.87 billion.

Looking ahead to fiscal 2012, Jacobs Engineering maintained its earnings guidance in a range of $2.80 to $3.00 per share. Analysts expect the company to earn $2.89 per share for the year.

JEC closed Monday's trading at $39.20, down $0.25 or 0.63 percent on a volume of 1.58 million shares. However, in after-hours trading, the stock gained $0.03 or 0.09 percent to $39.23.

To receive FREE breaking news email alerts for Jacobs Engineering Group Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

More Breaking News

<<Previous 59 Articles

Editors Pick

China May Leading Index Signals Weaker Economic Growth Ahead

A leading indicator of Chinese economic activity rose marginally in May and at a slower pace than a month earlier, suggesting more sluggish growth for the overall economy in the months ahead. The Conference Board said that its leading economic indicator rose 0.3 percent month-on-month in May, slower than a 1.5 percent increase in April. Only three of the six components contributed positively.

Stocks Close Mostly Higher Despite Afternoon Pullback - U.S. Commentary

While lingering worries about the outlook for the Federal Reserve's stimulus program generated some selling pressure in afternoon trading on Monday, stocks managed to end the day mostly higher after seeing an early rally on the heels of some upbeat economic data. The major averages finished the session well off their best levels of the day but still posted strong gains.

Poll Shows Sharp Drop In Obama's Approval Rating

In an apparent backlash from the numerous scandals facing the administration, the results of a new CNN/ORC International survey released Monday showed a sharp drop in President Barack Obama's approval rating. The poll found that 45 percent of Americans approve of the way Obama is handling his job as president, down from 53 percent in a poll conducted last month.