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Dallas — Jacobs Engineering Group Inc. announced its financial results for the first fiscal quarter ended Dec. 29, 2017.

Highlights:

  • Q1 2018 net earnings of $2.2 million, or $0.02 per share, impacted by one-time tax charge and CH2M acquisition
  • Q1 2018 adjusted net earnings of $97.0 million, or $0.77 per share, up 13% year-over-year
  • Q1 2018 year-over-year organic revenue growth, double-digit organic growth in professional services
  • Continued strong gross margin performance of 18%, up 130 bps year-over-year
  • Backlog of $26.2 billion at end of 1Q 2018; Jacobs only backlog up $1.4 billion year-over-year
  • Closed CH2M acquisition, cost synergies ramping while targeting incremental revenue opportunities
  • Strong balance sheet financial flexibility with $1.5 billion of net debt post CH2M close

Commenting on the results for the first quarter of fiscal 2018, Steve Demetriou, Jacobs Chairman and CEO said, “Our first quarter results further demonstrated progress against our strategy to allocate our resources toward both higher growth and higher margin opportunities. We are seeing continued momentum in our Aerospace & Technology and Buildings & Infrastructure businesses as well as improving trends in our more cyclical Energy and Mining & Minerals businesses. Furthermore, we are off to a solid start capturing the planned CH2M cost synergies and positioning our combined company for incremental revenue opportunities by offering more comprehensive solutions to our clients. Most importantly, Jacobs’ enhanced deep domain knowledge coupled with our digital expertise strengthens our ability to deliver innovative solutions for a more connected, sustainable world.”

Kevin Berryman, Jacobs CFO, added, “The first quarter results displayed our continued focus on profitable growth as we maintained solid margins. While the CH2M acquisition did not materially impact our first quarter results, we are pleased with the performance of CH2M and excited about the combined company’s growth and profitability profile. We are increasing our fiscal 2018 adjusted EPS outlook including the approximately nine-months contribution from the CH2M acquisition to $3.85-$4.25 from $3.55-$3.95. The increase in our outlook is driven by the benefits of the recent change in the U.S. federal tax law.”

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