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TheStreet Open House

Jacobs Reports Record Net Earnings For Fiscal 2013

Stocks in this article: JEC

Jacobs Engineering Group Inc. (NYSE:JEC) announced today its financial results for the fiscal year and fourth quarter ended September 27, 2013.

Fiscal 2013 and Fourth Quarter Fiscal 2013 Highlights:

  • Net earnings for fiscal 2013 of $423.1 million;
  • Diluted EPS for fiscal 2013 of $3.23;
  • Net earnings for the fourth quarter of fiscal 2013 of $110.8 million;
  • Diluted EPS for the fourth quarter of fiscal 2013 of $0.84; and,
  • Backlog at September 27, 2013 of $17.2 billion.

Jacobs reported net earnings of $423.1 million, or $3.23 per diluted share, on revenues of $11.8 billion for its fiscal year ended September 27, 2013. This compares to net earnings of $379 million, or $2.94 per diluted share ($375 million, or $2.91 per diluted share excluding a one-time gain), on revenues of $10.89 billion for fiscal 2012.

For the fourth quarter of fiscal 2013, Jacobs reported net earnings of $110.8 million, or $0.84 per diluted share, on revenues of $3.14 billion. This rose from net earnings of $107.4 million, or $0.83 per diluted share ($103.4 million, or $0.80 per diluted share excluding a one-time gain), on revenues of $2.79 billion for the same period in fiscal 2012.

Included in the Company's results for the fiscal year and quarter ended September 28, 2012 was a one-time, after-tax gain of $4.0 million, or $0.03 per diluted share, related to the sale of the Company's intellectual property for iron ore pelletizing and other related assets.

Jacobs also announced that backlog grew by 8.2%, totaling $17.2 billion at September 27, 2013, including a technical professional services component of $11.1 billion. This compares to total backlog and technical professional services backlog of $15.9 billion and $10.3 billion, respectively, at September 28, 2012.

Commenting on the results for the year, Jacobs President and CEO Craig L. Martin stated, “It was a record year for net earnings at Jacobs. We grew organically by ten percent and both our business and our opportunities continue to grow. We’re discovering new and innovative ways to add sustainable value to our clients’ projects around the world. Our backlog is good, and we’re positive about FY2014.”

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