Jacobs Engineering Profit Rises

The company cites a record backlog.

Author:: TSC and IRIS Staff
Publish date:: Apr 25, 2006 6:58 AM EDT

Engineering and construction services company

Jacobs Engineering

said second-quarter earnings rose 59.9% from a year ago.

The company earned $44.5 million, or 74 cents a share, in the quarter, compared with $27.8 million, or 48 cents a share, a year ago. Adjusted for stock option expenses, Jacobs earned 78 cents a share in the latest quarter as against analysts' expectation of 73 cents a share. Revenue rose 32.5% to $1.83 billion. According to Thomson First Call, analysts had estimated revenue of $1.69 billion for the second quarter.

The Pasadena, Calif.-based company's revenue from technical professional services rose 12.6% to $824.4 million while the revenue from field services jumped 54.8% to $1.01 billion. Jacobs' reported order backlog totaling $9.1 billion at the end of the second quarter compared with $8.2 billion a year ago.

For the full year, the company expects growth of 20% before expensing for stock options.

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