Jacobs Engineering posts fiscal Q2 net earnings of US$80.3M compared with net earnings of US$77.5M a year ago, led by improvement of several of its markets, growing prospect list
April 25, 2011
Jacobs Engineering Group Inc. (NYSE: JEC) announced today its financial results for the second quarter of fiscal 2011 ended April 1, 2011.
Second Quarter Fiscal 2011 Highlights:
* Net earnings for the quarter of $80.3 million;
* Diluted EPS for the quarter of $0.63;
* Net earnings for the six months ended April 1, 2011 of $146.1 million;
* Diluted EPS for the six months ended April 1, 2011 of $1.15; and,
* Backlog of $14.0billion.
Jacobs reported net earnings of $80.3million, or $0.63 per diluted share, on revenues of $2.6billion for its second quarter of fiscal 2011 ended April1, 2011. This compares to net earnings of $77.5million, or $0.62 per diluted share, on revenues of $2.6billion for the second quarter of fiscal 2010 ended April 2, 2010.
For the six months ended April 1, 2011, Jacobs reported net earnings of $146.1 million, or $1.15 per diluted share, on revenues of $4.9 billion. This compares to net earnings of $149.9million, or $1.20 per diluted share, on revenues of $5.1 billion for the same period in fiscal 2010.
On February 1, 2011, the Company acquired certain operations within the process and construction business of Aker Solutions ASA. Accordingly, the Company's consolidated results of operations for the three months ended April 1, 2011 include those of the acquired businesses since the date of acquisition. Including the effects of acquisition related costs, the acquired operations contributed approximately $0.04 per diluted share to earnings for the second quarter of fiscal 2011.
Jacobs also announced backlog totaling $14.0billion at April1, 2011, including a component of technical professional services of $8.7billion. This compares to total backlog and technical professional services backlog of $14.7billion and $8.3billion, respectively, at April2, 2010.
Commenting on the results for the second quarter, Jacobs President and CEO Craig L. Martin stated, "Performance in the second quarter improved nicely. Our earnings and backlog are both up from the first quarter, and the outlook remains positive. Several of our markets continue to improve and our prospect list is growing."
Commenting on the Company's earnings outlook for the remainder of fiscal 2011, Jacobs Chief Financial Officer John W. Prosser, Jr. stated, "Our guidance for fiscal year 2011, which includes the net contribution of the acquired operations of Aker, is being narrowed from the previous range of $2.40 to $2.85 to a revised range of $2.40 to $2.80."
Jacobs is hosting a conference call at 11:00 a.m. Eastern time on Tuesday, April 26, 2011, 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.