Jacobs Engineering (JEC) - Get Jacobs Engineering Group Inc. (J) Report shares climbed 3.3 to $82.33 Monday after the engineering company beat Wall Street's third-quarter earnings and revenue forecasts.
The Dallas-based company reported adjusted earnings of $193 million, or $1.40 a share, up from $178 million, or $1.24 a share, a year ago, and beati analysts' consensus of $1.25 a share. Revenue totaled $3.2 billion, up 8% from a year ago, and narrowly topped Wall Street's expectations.
Looking ahead, Jacobs Engineering increased its 2019 adjusted earnings outlook to $4.75 to $5 a share.
In June, Jacobs completed the previously announced acquisition of KeyW Holding. Backlog increased $2.6 billion to $22.5 billion, up 8% on an organic basis.
"We delivered another quarter of solid results across both lines of business with accelerating growth in our sales pipelines, during the most transformative period in our company's history," said Chief Financial Officer Kevin Berryman. "The CH2M integration has exceeded our revenue and cost targets and is on track to be completed by the end of calendar 2019. Our divestiture of ECR is moving into the final stages of separation."
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