Jacobs Engineering Group Inc. Reports Earnings for the Third Quarter of Fiscal 2012

Jul 30, 2012, 22:20 ET from Jacobs Engineering Group Inc.

PASADENA, Calif., July 30, 2012 /PRNewswire/ -- Jacobs Engineering Group Inc. (NYSE: JEC) announced today its financial results for the third quarter of fiscal 2012 ended June 29, 2012. 

Third Quarter Fiscal 2012 Highlights:

  • Net earnings for the quarter of $97.9 million;
  • Diluted EPS for the quarter of $0.76;
  • Net earnings for the nine months ended June 29, 2012 of $271.5 million;
  • Diluted EPS for the nine months ended June 29, 2012 of $2.11; and,
  • Backlog at June 29, 2012 of $15.6 billion.

Jacobs reported today net earnings of $97.9 million, or $0.76 per diluted share, on revenues of $2.77 billion for its third quarter of fiscal 2012 ended June 29, 2012.  This compares to net earnings of $90.7 million, or $0.71 per diluted share, on revenues of $2.74 billion for the third quarter of fiscal 2011 ended July 1, 2011.

For the nine months ended June 29, 2012, Jacobs reported net earnings of $271.5 million, or $2.11 per diluted share, on revenues of $8.11 billion.  This compares to net earnings of $236.7 million, or $1.86 per diluted share, on revenues of $7.66 billion for the same period in fiscal 2011.

Jacobs also announced today backlog totaling $15.6 billion at June 29, 2012, including a technical professional services component of $10.2 billion.  This compares to total backlog and technical professional services backlog of $14.0 billion and $8.7 billion, respectively, at July 1, 2011.

Commenting on the results for the second quarter, Jacobs President and CEO Craig L. Martin stated, "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."

Commenting on the Company's earnings outlook for the remainder of fiscal 2012, Jacobs Chief Financial Officer John W. Prosser, Jr. stated, "Based on our third quarter results and the current business outlook, we are maintaining our guidance at $2.80 To $3.00 per share for fiscal 2012."

Jacobs is hosting a conference call at 11:00 a.m. Eastern Time on Tuesday, July 31, 2012, 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 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, and currently available competitive, financial, and economic data, forward-looking statements are inherently uncertain, and you should not place undue reliance on such statements.  We caution the reader that there are a variety of factors that could cause business conditions and results to differ materially from what is contained in our forward-looking statements.  For a description of some of the factors which may occur that could cause actual results to differ from our forward-looking statements including those noted in our 2011 Form 10-K, 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.  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

Nine Months Ended

June 29,

2012

July 1,

2011

June 29,

2012

July 1,

2011

Revenues

$

2,772,874

$

2,744,178

$

8,107,493

$

7,658,369

Costs and Expenses:

Direct costs of contracts

(2,339,793)

(2,331,466)

(6,827,166)

(6,525,438)

Selling, general, and administrative expenses

(279,715)

(273,332)

(851,871)

(761,917)

Operating Profit

153,366

139,380

428,456

371,014

Other Income (Expense):

Interest income

2,325

1,317

5,283

3,390

Interest expense

(2,990)

(2,568)

(9,148)

(6,115)

Miscellaneous income (expense), net

(1,330)

3,172

(1,351)

3,216

Total other income (expense), net

(1,995)

1,921

(5,216)

491

Earnings Before Taxes

151,371

141,301

423,240

371,505

Income Tax Expense

(50,381)

(49,365)

(143,368)

(131,531)

Net Earnings of the Group

100,990

91,936

279,872

239,974

Net Earnings Attributable to

  Noncontrolling Interests

(3,090)

(1,260)

(8,329)

(3,225)

Net Earnings Attributable to Jacobs

$

97,900

$

90,676

$

271,543

$

236,749

Earnings Per Share ("EPS"):

Basic

$

0.77

$

0.72

$

2.13

$

1.89

Diluted

$

0.76

$

0.71

$

2.11

$

1.86

Weighted Average Shares Used to Calculate EPS:

Basic

127,922

125,903

127,422

125,438

Diluted

128,820

127,578

128,504

127,230

 

Other Operational Information (in thousands):

Three Months Ended

Nine Months Ended

June 29,

2012

July 1,

2011

June 29,

2012

July 1,

2011

Revenues by Major Component:

Technical professional services

$

1,640,157

$

1,593,516

$

4,832,936

$

4,289,543

Field services

1,132,717

1,150,662

3,274,557

3,368,826

Total

$

2,772,874

$

2,744,178

$

8,107,493

$

7,658,369

Depreciation (pre-tax)

$

14,535

$

14,242

$

43,023

$

42,650

Amortization of Intangibles (pre-tax)

$

10,138

$

10,934

$

32,158

$

26,493

Pass-Through Costs Included in Revenues

$

583,136

$

486,010

$

1,699,188

$

1,561,858

Capital Expenditures

$

32,554

$

66,193

$

70,305

$

83,571

      

Selected Balance Sheet and Backlog Information (in thousands):

June 29,

2012

July 1,

2011

Balance Sheet Information:

Cash and cash equivalents

$

898,588

$

773,819

Working capital

1,734,293

994,911

Total debt

512,445

551,198

Total Jacobs stockholders' equity

3,656,686

3,141,843

Backlog Information:

Technical professional services

$

10,174,900

$

8,666,300

Field services

5,426,200

5,335,600

Total

$

15,601,100

$

14,001,900

(Logo: http://photos.prnewswire.com/prnh/20110628/LA26838LOGO)

For additional information contact: John W. Prosser, Jr. Executive Vice President, Finance and Administration 626.578.6803

SOURCE Jacobs Engineering Group Inc.



RELATED LINKS

http://www.jacobs.com