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Monday 27 July, 2009

General

Jacobs Engineering Group Inc. Reports Earnings ...

Jacobs Engineering Group Inc. Reports Earnings for the Third Quarter of Fiscal 2009

PR Newswire





PASADENA, Calif., July 27 /PRNewswire-FirstCall/ -- Jacobs Engineering Group Inc. (NYSE: JEC) announced today its financial results for the third quarter of fiscal 2009 ended June 30, 2009.  


Third Quarter Fiscal 2009 Highlights:

  • Net earnings for the quarter of $94.9 million;
  • Diluted EPS for the quarter of $0.76;
  • Net earnings for the nine months ended June 30, 2009 of $320.5 million;
  • Diluted EPS for the nine months ended June 30, 2009 of $2.58, and
  • Backlog of $15.8 billion


Jacobs reported today net earnings of $94.9 million, or $0.76 per diluted share, on revenues of $2.7 billion for its third quarter of fiscal 2009 ended June 30, 2009.  This compares to net earnings of $108.7 million, or $0.87 per diluted share, on revenues of $2.9 billion for the corresponding period last year.


For the nine months ended June 30, 2009, Jacobs reported net earnings of $320.5 million, or $2.58 per diluted share, on revenues of $8.9 billion.  This compares to net earnings of $306.4 million, or $2.46 per diluted share, on revenues of $8.1 billion for the same period in fiscal 2008.


Included in the Company’s results of operations for the nine months ended June 30, 2008 is an after-tax gain of $5.4 million, or $0.04 per diluted share, from the sale, in the first quarter of fiscal 2008, of its interest in a company that provides specialized operations and maintenance services.


Jacobs also announced backlog totaling $15.8 billion at June 30, 2009, including a technical professional services component of $8.4 billion.  This compares to total backlog and technical professional services backlog of $16.6 billion and $8.1 billion, respectively, at the end of last quarter.  During the quarter ended June 30, 2009, approximately $665 million was removed from backlog as a result of project cancellations ($300 million) and a shift of pass-through costs to the owners' responsibility ($365 million).  All but $20 million of the reduction came out of field services backlog.


Commenting on the results for the third quarter, Jacobs President and CEO Craig L. Martin stated, “While our public sector markets - led by national government programs - remain good, our growth there was insufficient to offset declines in our private sector markets.  Consequently, our results for the quarter were disappointing.  The market remains uncertain, with economic conditions, oil prices, and business confidence reflecting that uncertainty.  Our business model positions us well in challenging times, so we expect to capitalize on the opportunities these times create.”


Commenting on the Company’s earnings outlook for the remainder of fiscal 2009, Jacobs Chief Financial Officer John W. Prosser, Jr. stated, “As we approach our year-end we are narrowing our guidance for fiscal 2009 to a range of $3.10 to $3.35 which is within the lower portion of our previously issued guidance of $3.10 to $3.50.”


Jacobs is hosting a conference call at 11:00 a.m. Eastern time on Tuesday, July 28, 2009, which they are webcasting live on the Internet at www.jacobs.com.  The taped teleconference is accessible from any touch-tone phone and will be available 24 hours a day through August 5, 2009. The dial-in number for the audio replay is 706.645.9291 (ID 18940259).


Jacobs, with annual revenues exceeding $12 billion, 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 please refer to our 2008 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.



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SOURCE Jacobs Engineering Group Inc.


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