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On Jan. 27, 2009,
reported that its Q1 FY09 earnings ascended 18.3%, on increased demand for its services and higher revenues across businesses. Net income surged to $116.35 million or $0.94 per share from $98.37 million or $0.79 per share a year ago. Excluding an after-tax gain of $5.40 million or $0.40 per share related to the sale of its interest in a specialized operations and maintenance services provider, the company earned $0.90 per share, which beat the most recent consensus estimates of $0.89 per share.
Revenue grew 30.8% to $3.23 billion from $2.47 billion a year ago, led by higher revenue from field services. Revenue from Technical Professional services rose 15.2% to $1.53 billion from $1.33 billion in Q1 FY08, while revenue from Field services mounted 48.8% to $1.70 billion from $1.15 billion in the prior year's quarter. Total order backlog at the end of the first quarter was $15.98 billion, up 6.8% from $14.96 billion a year ago. Technical professional services backlog increased 10.9% to $7.88 billion, while Field services backlog spiked 3.1% to $8.09 billion in Q1 FY09.
During the latest first quarter, the company won a U.S. Navy contract worth $43.80 million to continue supporting its Airborne Threat Simulation Organization (ATSO). The company also received one of the indefinite delivery indefinite quantity (IDIQ) contracts awarded by the Administrative Office of the U.S. Courts (AOUSC) to provide architectural and engineering services nationwide in support of the federal judiciary
Looking forward to FY09, JEC lowered its upper-end of earnings forecast to be in the range of $3.55 to $3.90 per share, compared with its prior estimate of $3.55 to $4.05 per share.
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