Jacobs Engineering Group Reports 1Q Profit Rise

Jacob Engineering Group's public sector business remains strong while the heavy process business — extracting from oil sands — is "highly uncertain," Martin said.

Still, earnings "remain good and exceed year-ago earnings by 10 percent," he said.

Jacobs cut its 2009 guidance because of "the near-term complexities and uncertainties" in its markets, CFO John W. Prosser Jr. said.

The company reduced its earnings forecast to a range of $3.10 per share to $3.50 per share, down from the previously guided $3.55 per share to $3.90 per share.

Analysts surveyed by Thomson Reuters expect earnings this year to be $3.59 per share.

Analyst Tahira Afzal of KeyBanc Capital Markets said in a note to investors Monday the stock could "open under pressure" as investors may look past the company's better than expected project bookings.

"While we viewed a downward revision in fiscal 2009 guidance as likely on energy markets pressure, we are slightly surprised by the extent of the cut," Afzal said.