Jacobs Engineering Group Inc. Reports Earnings For Fiscal 2016

Jacobs Engineering Group Inc. (NYSE:JEC) today announced its financial results for the fourth quarter and fiscal year ended September 30, 2016.

Fiscal 2016 Highlights:
  • Q4 2016 U.S. GAAP net earnings of $30M, or $0.24 per diluted share, and fiscal 2016 U.S. GAAP net earnings of $210M, or $1.73 per share;
  • Q4 2016 adjusted net earnings of $93M, or $0.77 per share, and fiscal 2016 adjusted net earnings of $374M, or $3.08 per share;
  • Fiscal 2016 revenues of $11.0B; Backlog of $18.8B at year end, up $438M sequentially;
  • Restructuring efforts supporting a 6% reduction in fiscal 2016 U.S. GAAP G&A and a 9% reduction in fiscal 2016 adjusted G&A
  • Q4 and total year 2016 cash flow from operations of $234M and $680M, respectively, substantially improved over corresponding 2015 periods; and
  • Repurchased 1.0M shares during fourth quarter for $50 million; and a total of 3.4M shares for the year for $153M.

Jacobs reported U.S. GAAP net earnings of $30 million, or $0.24 per diluted share, on revenues of $2.6 billion for the fourth quarter ended September 30, 2016. This compares to U.S. GAAP net earnings of $30 million, or $0.24 per diluted share, on revenues of $3.1 billion for the fourth quarter ended October 2, 2015. For the fiscal year ended September 30, 2016, the company reported U.S. GAAP net earnings of $210 million, or $1.73 per diluted share, on revenues of $11.0 billion. This compares to U.S. GAAP net earnings of $303 million, or $2.40 per diluted share, on revenues of $12.1 billion for the prior fiscal year.

Jacobs' fourth quarter 2016 results include approximately $63 million or $0.53 per share in after-tax restructuring and other charges, including after-tax charges of $36 million, or $0.30 per share, in connection with certain restructuring activities that began in fiscal year 2015 (the "2015 Restructuring"), additional restructuring charges associated with the divestiture of our French subsidiary of $17 million, or $0.14 per share, as a result of our strategic decision to exit our French operation, and a non-cash write-down on an equity investment of $10 million, or $0.09 per share. Our fiscal year 2016 results include total restructuring and other charges of $163 million, or $1.35 per share. Our fourth quarter 2015 results included $68 million, or $0.56 per share, in 2015 Restructuring charges and on a full year 2015 basis Jacobs reported $108 million of 2015 Restructuring charges, or $0.86 per share.

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