PASADENA, Calif.--(BUSINESS WIRE)--
Jacobs Engineering Group Inc. (NYSE:JEC) announced today its financial
results for the first quarter of fiscal 2015 ended December 26, 2014.
First Quarter Fiscal 2015 Highlights:
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Net earnings of $100.1 million;
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Diluted EPS of $0.77;
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Backlog at December 26, 2014 of $19.1 billion; and,
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Repurchase of 2.5 million shares of common stock for $113.7 million.
Jacobs reported today net earnings of $100.1 million, or $0.77 per
diluted share, on revenues of $3.2 billion for its first quarter of
fiscal 2015 ended December 26, 2014. This compares to net earnings of
$93.7 million, or $0.71 per diluted share, on revenues of $3.1 billion
for the first quarter of fiscal 2014 ended December 27, 2013.
Jacobs also announced record total backlog of $19.1 billion at
December 26, 2014, including a technical professional services component
of $13.2 billion. This is up approximately 5.8% from total backlog and
up approximately 7.7% from technical professional services backlog of
$18.1 billion and $12.3 billion, respectively, at December 27, 2013.
This is also up approximately 4.0% from total backlog and up
approximately 3.3% from technical professional services backlog of $18.4
billion and $12.6 billion, respectively, at September 26, 2014.
Commenting on the results for the first quarter, Jacobs Executive
Chairman Noel Watson stated, “We were pleased with the first quarter
results. Backlog is at record levels. First quarter sales were strong,
and the prospect list for the rest of the year is good. Even so, the oil
and commodity prices create a level of uncertainty for our industry,
which leads us to be cautious in our outlook.”
Mr. Watson added, “Our search for a new CEO is underway and the Board
will take the time it needs to find the right leader. In the meantime,
we have an experienced, highly capable executive leadership team that is
committed to delivering long-term growth for our shareholders.”
Commenting on the Company’s earnings outlook for the remainder of fiscal
2015, Jacobs Chief Financial Officer Kevin Berryman stated, “Short-term,
as market conditions remain challenging, we are taking a cautious stance
in guidance, as our outlook is now more aligned with the lower half of
our previously stated range. Nonetheless, our backlog remains at record
highs, supporting our long-term view of the Company’s growth potential
and the benefits and competitive advantage that its diversity brings.”
Jacobs is hosting a conference call at 11:00 a.m. Eastern Time on
Thursday, January 29, 2015, which it is webcasting live on the internet
at www.jacobs.com.
Jacobs is one of the world’s largest and most diverse providers of
technical professional and construction services.
Statements made in this press release that are not based on historical
fact are forward-looking statements. Although such statements are based
on management’s current estimates and expectations, which we believe to
be reasonable, and currently available competitive, financial, and
economic data, forward-looking statements are inherently uncertain, and
you should not place undue reliance on such statements as actual results
may differ materially. We caution the reader that there are a variety of
risks, uncertainties and other factors that could cause actual results
to differ materially from what is contained, projected or implied by our
forward-looking statements. For a description of some of the factors
that may occur that could cause actual results to differ from our
forward-looking statements see our Annual Report on Form 10-K for the
period ended September 26, 2014, and in particular the discussions
contained under Item 1 - Business; Item 1A - Risk
Factors; Item 3 - Legal Proceedings; and Item 7 - Management’s
Discussion and Analysis of Financial Condition and Results of Operations,
as well as the Company’s other filings with the Securities and Exchange
Commission. We also caution the readers of this release that we do not
undertake to update any forward-looking statements made herein.
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Financial Highlights:
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Results of Operations (in thousands,
except per-share data):
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Three Months Ended
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December 26,
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December 27,
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2014
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2013
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Revenues
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$
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3,187,005
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$
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3,068,891
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Costs and Expenses:
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Direct costs of contracts
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(2,667,559
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)
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(2,615,200
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)
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Selling, general, and administrative expenses
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(361,223
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)
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(308,644
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Operating Profit
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158,223
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145,047
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Other Income (Expense):
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Interest income
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2,276
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1,796
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Interest expense
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(5,318
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)
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191
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Miscellaneous expense, net
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(486
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)
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(113
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Total other income (expense), net
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(3,528
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)
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1,874
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Earnings Before Taxes
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154,695
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146,921
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Income Tax Expense
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(48,500
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)
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(47,972
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Net Earnings of the Group
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106,195
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98,949
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Net Earnings Attributable to Noncontrolling Interests
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(6,116
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)
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(5,217
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Net Earnings Attributable to Jacobs
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$
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100,079
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$
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93,732
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Earnings Per Share (“EPS”):
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Basic
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$
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0.78
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$
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0.72
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Diluted
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$
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0.77
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$
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0.71
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Weighted Average Shares Used to Calculate EPS:
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Basic
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128,652
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130,121
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Diluted
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129,973
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132,180
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Other Operational Information (in
thousands):
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Three Months Ended
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December 26,
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December 27,
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2014
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2013
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Revenues by Major Component:
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Technical professional services
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$
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1,932,524
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$
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1,673,412
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Field services
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1,254,481
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1,395,479
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Total
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$
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3,187,005
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$
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3,068,891
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Depreciation (pre-tax)
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$
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26,006
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$
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19,649
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Amortization of Intangibles (pre-tax)
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$
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12,981
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$
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8,637
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Pass-Through Costs Included in Revenues
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$
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706,830
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$
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752,023
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Capital Expenditures
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$
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(33,775
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)
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$
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(37,948
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)
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Selected Balance Sheet and Backlog
Information (in thousands):
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December 26,
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December 27,
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2014
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2013
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Balance Sheet Information:
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Cash and cash equivalents
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$
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670,081
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$
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1,011,236
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Working capital
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1,447,129
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1,782,125
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Total debt
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750,942
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1,094,555
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Total Jacobs stockholders' equity
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$
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4,438,203
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$
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4,322,993
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Backlog Information:
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Technical professional services
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$
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13,222,400
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$
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12,279,700
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Field services
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5,885,000
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5,774,500
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Total
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$
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19,107,400
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$
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18,054,200
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Source: Jacobs Engineering Group Inc.