Press Release Jan 25, 2012

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

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PASADENA, Calif., Jan. 25, 2012 /PRNewswire/ -- Jacobs Engineering Group Inc. (NYSE: JEC) announced today its financial results for the first quarter of fiscal 2012 ended December 30, 2011.  

First Quarter Fiscal 2012 Highlights:

  • Net earnings of $89.7 million;
  • Diluted EPS of $0.70; and,
  • Backlog at December 30, 2011 of $14.5 billion.

 

Jacobs reported today net earnings of $89.7 million, or $0.70 per diluted share, on revenues of $2.63 billion for its first quarter of fiscal 2012 ended December 30, 2011.  This compares to net earnings of $65.8 million, or $0.52 per diluted share, on revenues of $2.36 billion for the first quarter of fiscal 2011 ended December 31, 2010.

Jacobs also announced today backlog totaling $14.5 billion at December 30, 2011, including a technical professional services component of $9.5 billion.  This compares to total backlog and technical professional services backlog of $13.0 billion and $7.9 billion, respectively, at December 31, 2010.

Commenting on the results for the first quarter, Jacobs President and CEO Craig L. Martin stated, "The business continues to benefit from improving markets and solid sales and operations performance.  Our outlook remains positive, as the number and quality of our prospects continue to grow."

Commenting on the Company's earnings outlook for the remainder of fiscal 2012, Jacobs Chief Financial Officer John W. Prosser, Jr. stated, "With first quarter results in-line with our expectations, we are maintaining our guidance at $2.80 to $3.20 per share."

Jacobs is hosting a conference call at 11:00 a.m. Eastern Time on Thursday, January 26, 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

  
 

December 30,

2011

December 31,

2010

  

Revenues

$

2,631,768

  

$

2,356,175

    

Costs and Expenses:

      

Direct costs of contracts

(2,210,726)

  

(2,025,137)

    

Selling, general, and administrative expenses

(279,090)

  

(227,419)

    

Operating Profit

141,952

  

103,619

    

Other Income (Expense):

      

Interest income

1,395

  

924

    

Interest expense

(3,662)

  

(827)

    

Miscellaneous income (expense), net

(131)

  

7

    

Total other income (expense), net

(2,398)

  

104

    

Earnings Before Taxes

139,554

  

103,723

    

Income Tax Expense

(48,118)

  

(37,026)

    

Net Earnings of the Group

91,436

  

66,697

    

Net Income Attributable to

Noncontrolling Interest

(1,726)

  

(874)

    

Net Earnings Attributable to Jacobs

$

89,710

  

$

65,823

    

Earnings Per Share ("EPS"):

      

Basic

$

0.71

  

$

0.53

    

Diluted

$

0.70

  

$

0.52

    
       

Weighted Average Shares Used to Calculate EPS:

      

Basic

126,921

  

124,988

    

Diluted

128,087

  

126,640

    
   
             



 

Other Operational Information (in thousands):

  
   
 

Three Months Ended

  
 

December 30,

2011

December 31,

2010

  

Revenues by Major Component:

      

Technical professional services

$

1,538,035

  

$

1,204,813

    

Field services

1,093,733

  

1,151,362

    

Total

$

2,631,768

  

$

2,356,175

    
       

Depreciation (pre-tax)

$

13,861

  

$

14,199

    

Amortization of Intangibles (pre-tax)

$

13,098

  

$

6,034

    

Pass-Through Costs Included in Revenues

$

543,832

  

$

534,888

    
       

Capital Expenditures

$

20,102

  

$

6,664

    
   
             



 

Selected Balance Sheet and BacklogInformation (in thousands):

  
   
 

December 30,

2011

December 31,

2010

  

Balance Sheet Information:

      

Cash and cash equivalents

$

959,237

  

$

1,039,683

    

Working capital

1,135,176

  

1,582,284

    

Total debt

535,724

  

82,424

    

Total Jacobs stockholders' equity

3,439,179

  

2,947,359

    
       

Backlog Information:

      

Technical professional services

$

9,529,500

  

$

7,871,900

    

Field services

4,952,500

  

5,116,500

    

Total

$

14,482,000

  

$

12,988,400

    
   
             



 

For additional information contact:

John W. Prosser, Jr.

Executive Vice President, Finance and Administration

626.578.6803

SOURCE Jacobs Engineering Group Inc.