Technical, professional, and construction services provider Jacobs Engineering Group, Inc. (JEC) on Monday reported a 24 percent increase in profit for the second quarter from last year on higher revenues.
However, both revenue and earnings per share for the quarter missed analysts' estimates. Looking ahead, the company reiterated its earnings guidance for fiscal year 2013, currently in line with Street view.
Craig Martin, President and CEO of Jacobs Engineering said, "Our second quarter performance resulted in solid growth in earnings, both quarter-over-quarter and year-over-year. New bookings were good as well, so backlog continues to improve. Prospects for the remainder of the year continue the favorable trend established in the first half, so the second half of FY13 looks positive."
The Pasadena, California-based company's net earnings for the second quarter were $104.40 million or $0.80 per share, up from $83.93 million or $0.65 per share in the prior-year quarter. On average, 18 analysts polled by Thomson Reuters expected the company to report earnings of $0.83 per share for the first quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew 5 percent to $2.84 billion from $2.70 billion in the same period last year, but missed analysts' consensus estimate of $2.93 billion.
On a segmental basis, technical professional services revenues for the quarter grew 2 percent to $1.69 billion, while revenues for field services increased 9 percent to $1.14 billion.
The company's backlog at the end of the quarter totaled $16.79 billion, including a technical professional services component of $10.89 billion. This represents a 11.2 percent increase from $15.10 billion, including technical professional services backlog of $9.91 billion, at the end of the year-ago quarter.
Looking ahead to fiscal 2013, Jacobs Engineering reiterated its outlook for earnings in a range of $3.00 to $3.50 per share. Street is currently looking for full-year earnings of $3.33 per share.
JEC closed Monday's regular trading at $52.03, up $0.38 or 0.74 percent on a volume of 1.10 million shares.
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