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Jacobs Reports Q2 of Fiscal 2009

Source: www.gulfoilandgas.com 4/27/2009, Location: North America

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Jacobs reported today net earnings of $109.3 million, or $0.88 per diluted share, on revenues of $3.0 billion for its second quarter of fiscal 2009 ended March 31, 2009. This compares to net earnings of $99.3 million, or $0.80 per diluted share, on revenues of $2.7 billion for the corresponding period last year.

For the six months ended March 31, 2009, Jacobs reported net earnings of $225.6 million, or $1.82 per diluted share, on revenues of $6.2 billion. This compares to net earnings of $197.7 million, or $1.59 per diluted share, on revenues of $5.1 billion for the same period in fiscal 2008.

Included in the Company's results of operations for the six months ended March 31, 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 $16.6 billion at March 31, 2009, including a technical professional services component of $8.1 billion. This compares to total backlog and technical professional services backlog of $16.2 billion and $7.6 billion, respectively, at March 31, 2008.Commenting on the results for the second quarter, Jacobs President and CEO Craig L. Martin stated, "We have produced positive earnings growth on a quarter-over-quarter basis for the last 15 straight quarters, so we are disappointed to report earnings below that of last quarter. That being said, the second quarter was a good one in many ways. Our earnings remain good and exceed year-ago earnings by 10%. Our backlog grew quarter-over-quarter and year-over-year in a very complex market. Going forward, we expect the markets to remain complex. Our public sector business remains strong, while the heavy process business is highly uncertain."

Commenting on the Company's earnings outlook for the remainder of fiscal 2009, Jacobs Chief Financial Officer John W. Prosser, Jr. stated, "Because of the near-term complexities and uncertainties in our markets we are reducing our earnings per share guidance for fiscal 2009 to a range of $3.10 to $3.50, down from the previously issued guidance of $3.55 to $3.90."

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Related Articles: Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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