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Jacobs Engineering Profits Jump

First-quarter revenue is up 30.7%.

Jacobs Engineering

(JEC) - Get Jacobs Engineering Group Inc. (J) Report

said first-quarter earnings rose 49% from a year ago, topping estimates.

The engineering and construction services company earned $43 million, or 72 cents a share, in the quarter, compared with $28.9 million, or 50 cents a share, a year ago. Adjusted for stock options expenses, Jacobs earned 76 cents a share in the latest quarter, beating estimates by a dime.

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Revenue rose 30.7% to $1.7 billion. According to Thomson First Call, analysts had estimated revenue of $1.5 billion for the first quarter of fiscal 2006.

The company's revenue from technical professional services was $756.9 million, up from $640.8 million a year ago. Revenue from field services rose to $926.5 million from $642.4 million. Jacobs reported order backlog totaling $9.0 billion at Dec. 31, compared with $8.0 billion a year ago.

''With the good results of our first quarter, we now expect this year's growth rate to approach 20% before the effects of SFAS 123R," said Jacobs Chief Financial Officer John W. Prosser Jr.

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