DALLAS--(BUSINESS WIRE)--
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.
Excluding the restructuring and other items noted above, Jacobs’ fourth
quarter 2016 adjusted net earnings totaled $93 million, or $0.77 per
share, compared to $98 million, or $0.80 per share, from the
corresponding period for 2015. Jacobs’ adjusted net earnings were $374
million, or $3.08 per share, for fiscal year 2016 as compared to $411
million, or $3.26 per share, for the year 2015.
Our U.S. GAAP and adjusted results include one-time tax related and
other items of $4.1 million, or $0.03 per share, for fourth quarter 2016
and $18.7 million, or $0.16 per share, and $23.1 million, or $0.18 per
share, for full year 2016 and 2015, respectively.
Jacobs also announced a total backlog of $18.8 billion at year end 2016,
including a technical professional services component of $12 billion.
Total professional services backlog are up $321 million from year end
2015.
The company’s cash flow from operations of $234 million in the fourth
quarter reflected significant improvement in working capital management.
Additionally, during the fourth quarter and fiscal year 2016, the
company repurchased 1.0 million and 3.4 million shares, respectively, at
a total cost of $50 million and $153 million, respectively.
Commenting on the results for the fourth quarter and fiscal year 2016,
Steve Demetriou, Jacobs Chairman and CEO said, "While facing significant
market challenges throughout FY2016, we implemented a global realignment
into four lines of business and successfully executed against a
significant restructuring and cost reduction initiative. This has
reinforced greater accountability and improved project execution across
Jacobs, all while conducting a far-reaching strategic review. Although
certain global markets continue to face economic headwinds, we are now
pivoting to sales growth and believe our more efficient cost structure,
end-market diversity and margin focus will result in increased
profitability in FY2017."
Outlook
Kevin Berryman, Jacobs CFO, added, "Our results demonstrated that we are
focused on driving greater financial discipline, improving margins,
enhancing working capital performance, and ultimately driving greater
returns. Over the past several quarters, we have seen reductions in G&A
costs and improved receivables collection performance, resulting in
improved cash flows. In 2017, while we anticipate continuing market
challenges in certain of our businesses, we expect to benefit from our
restructuring savings while simultaneously investing in our growth
strategy. We believe this will result in underlying operating profit
improvement, resulting in our adjusted EPS guidance for the 2017 fiscal
year being in the range of $3.00 to $3.30."
Jacobs is hosting a conference call at 10:00 A.M. Eastern Time on
Tuesday, November 22, 2016, 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
full-spectrum technical, professional and construction services for
industrial, commercial and government organizations globally. The
company employs over 54,000 people and operates in more than 25
countries around the world. For more information, visit www.jacobs.com.
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, 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 October 2, 2015,
and when filed with the Securities and Exchange Commission (the “SEC”),
our Annual Report on Form 10-K for the year ended September 30, 2016,
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 SEC. We also caution the readers of this release that
we do not undertake to update any forward-looking statements made herein.
Financial Highlights:
Results of Operations (in thousands, except
per-share data):
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Year Ended
|
|
|
|
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|
September 30,
2016
|
|
|
October 2,
2015
|
|
|
September 30,
2016
|
|
|
October 2,
2015
|
|
|
Revenues
|
|
|
$
|
2,640,587
|
|
|
$
|
3,116,954
|
|
|
$
|
10,964,157
|
|
|
$
|
12,114,832
|
|
|
Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
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Direct cost of contracts
|
|
|
|
(2,208,895
|
)
|
|
|
(2,643,603
|
)
|
|
|
(9,196,326
|
)
|
|
|
(10,146,494
|
)
|
|
Selling, general and administrative expenses
|
|
|
|
(348,881
|
)
|
|
|
(419,525
|
)
|
|
|
(1,429,233
|
)
|
|
|
(1,522,811
|
)
|
|
Operating Profit
|
|
|
|
82,811
|
|
|
|
53,826
|
|
|
|
338,598
|
|
|
|
445,527
|
|
|
Other Income (Expense):
|
|
|
|
|
|
|
|
|
|
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|
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|
|
|
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|
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Interest income
|
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|
2,740
|
|
|
|
1,709
|
|
|
|
7,848
|
|
|
|
7,262
|
|
|
Interest expense
|
|
|
|
(4,945
|
)
|
|
|
(4,129
|
)
|
|
|
(15,260
|
)
|
|
|
(19,503
|
)
|
|
Loss on disposal of business and investments
|
|
|
|
(41,410
|
)
|
|
|
(2,909
|
)
|
|
|
(41,410
|
)
|
|
|
(2,909
|
)
|
|
Miscellaneous income (expense), net
|
|
|
|
(3,523
|
)
|
|
|
794
|
|
|
|
(3,053
|
)
|
|
|
(240
|
)
|
|
Total other income (expense), net
|
|
|
|
(47,138
|
)
|
|
|
(4,535
|
)
|
|
|
(51,875
|
)
|
|
|
(15,390
|
)
|
|
Earnings Before Taxes
|
|
|
|
35,673
|
|
|
|
49,291
|
|
|
|
286,723
|
|
|
|
430,137
|
|
|
Income Tax Expense
|
|
|
|
(5,790
|
)
|
|
|
(12,022
|
)
|
|
|
(72,208
|
)
|
|
|
(101,255
|
)
|
|
Net Earnings of the Group
|
|
|
|
29,883
|
|
|
|
37,269
|
|
|
|
214,515
|
|
|
|
328,882
|
|
|
Net Earnings Attributable to Noncontrolling Interests
|
|
|
|
(239
|
)
|
|
|
(7,406
|
)
|
|
|
(4,052
|
)
|
|
|
(25,911
|
)
|
|
Net Earnings Attributable to Jacobs
|
|
|
$
|
29,644
|
|
|
$
|
29,863
|
|
|
$
|
210,463
|
|
|
$
|
302,971
|
|
|
Net Earnings Per Share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Basic
|
|
|
$
|
0.25
|
|
|
$
|
0.25
|
|
|
$
|
1.75
|
|
|
$
|
2.42
|
|
|
Diluted
|
|
|
$
|
0.24
|
|
|
$
|
0.24
|
|
|
$
|
1.73
|
|
|
$
|
2.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
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Weighted Average Shares Used to Calculate EPS:
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|
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|
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|
|
|
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|
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Basic
|
|
|
|
119,551
|
|
|
|
121,841
|
|
|
|
120,133
|
|
|
|
125,007
|
|
|
Diluted
|
|
|
|
121,358
|
|
|
|
122,548
|
|
|
|
121,483
|
|
|
|
126,110
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Information (in thousands):
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Year Ended
|
|
|
|
|
September 30,
2016
|
|
|
October 2,
2015
|
|
|
September 30,
2016
|
|
|
October 2,
2015
|
|
Revenues from External Customers:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace & Technology
|
|
|
$
|
649,993
|
|
|
$
|
790,293
|
|
|
$
|
2,657,433
|
|
|
$
|
2,924,753
|
|
Buildings & Infrastructure
|
|
|
|
557,508
|
|
|
|
637,752
|
|
|
|
2,253,512
|
|
|
|
2,458,379
|
|
Industrial
|
|
|
|
749,061
|
|
|
|
665,885
|
|
|
|
2,793,713
|
|
|
|
2,517,571
|
|
Petroleum & Chemicals
|
|
|
|
684,025
|
|
|
|
1,023,024
|
|
|
|
3,259,499
|
|
|
|
4,214,129
|
|
Total
|
|
|
$
|
2,640,587
|
|
|
$
|
3,116,954
|
|
|
$
|
10,964,157
|
|
|
$
|
12,114,832
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Year Ended
|
|
|
|
|
|
September 30,
2016
|
|
|
October 2,
2015
|
|
|
September 30,
2016
|
|
|
October 2,
2015
|
|
|
Operating Profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace & Technology
|
|
|
$
|
46,947
|
|
|
$
|
55,867
|
|
|
$
|
203,808
|
|
|
$
|
205,368
|
|
|
Buildings & Infrastructure
|
|
|
|
41,564
|
|
|
|
23,283
|
|
|
|
174,648
|
|
|
|
145,299
|
|
|
Industrial
|
|
|
|
13,052
|
|
|
|
28,170
|
|
|
|
81,268
|
|
|
|
126,531
|
|
|
Petroleum & Chemicals
|
|
|
|
34,410
|
|
|
|
32,586
|
|
|
|
126,604
|
|
|
|
138,351
|
|
|
Total Segment Operating Profit
|
|
|
|
135,973
|
|
|
|
139,906
|
|
|
|
586,328
|
|
|
|
615,549
|
|
|
Other Corporate Items
|
|
|
|
(1,926
|
)
|
|
|
10,543
|
|
|
|
(60,100
|
)
|
|
|
(15,739
|
)
|
|
Restructuring Charges
|
|
|
|
(51,236
|
)
|
|
|
(96,623
|
)
|
|
|
(187,630
|
)
|
|
|
(154,283
|
)
|
|
Loss on disposal of business and investments
|
|
|
|
(41,410
|
)
|
|
|
(2,909
|
)
|
|
|
(41,410
|
)
|
|
|
(2,909
|
)
|
|
Total Other Expense
|
|
|
|
(5,728
|
)
|
|
|
(1,626
|
)
|
|
|
(10,465
|
)
|
|
|
(12,481
|
)
|
|
Earnings Before Taxes
|
|
|
$
|
35,673
|
|
|
$
|
49,291
|
|
|
$
|
286,723
|
|
|
$
|
430,137
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Operational Information (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Year ended
|
|
|
|
|
September 30,
2016
|
|
|
October 2,
2015
|
|
|
September 30,
2016
|
|
|
October 2,
2015
|
|
Depreciation (pre-tax)
|
|
|
$
|
18,916
|
|
|
$
|
24,206
|
|
|
$
|
82,363
|
|
|
$
|
99,924
|
|
Amortization of Intangibles (pre-tax)
|
|
|
$
|
12,109
|
|
|
$
|
11,278
|
|
|
$
|
47,608
|
|
|
$
|
49,368
|
|
Pass-Through Costs Included in Revenues
|
|
|
$
|
602,304
|
|
|
$
|
706,128
|
|
|
$
|
2,489,924
|
|
|
$
|
2,602,644
|
|
Capital Expenditures
|
|
|
$
|
21,285
|
|
|
$
|
19,107
|
|
|
$
|
67,688
|
|
|
$
|
88,404
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet (in thousands):
|
|
|
At September 30, 2016 and October 2, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
2015
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Current Assets:
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
655,716
|
|
|
$
|
460,859
|
|
|
Receivables
|
|
|
|
2,115,663
|
|
|
|
2,548,743
|
|
|
Prepaid expenses and other current assets
|
|
|
|
93,091
|
|
|
|
113,076
|
|
|
Total current assets
|
|
|
|
2,864,470
|
|
|
|
3,122,678
|
|
|
Property, Equipment, and Improvements, Net
|
|
|
|
319,673
|
|
|
|
381,238
|
|
|
Other Noncurrent Assets:
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
|
3,079,628
|
|
|
|
3,048,778
|
|
|
Intangibles
|
|
|
|
336,922
|
|
|
|
353,419
|
|
|
Miscellaneous
|
|
|
|
759,329
|
|
|
|
879,813
|
|
|
Total other noncurrent assets
|
|
|
|
4,175,879
|
|
|
|
4,282,010
|
|
|
|
|
|
$
|
7,360,022
|
|
|
$
|
7,785,926
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
|
Notes payable
|
|
|
$
|
2,421
|
|
|
$
|
13,364
|
|
|
Accounts payable
|
|
|
|
522,427
|
|
|
|
566,866
|
|
|
Accrued liabilities
|
|
|
|
938,378
|
|
|
|
1,090,985
|
|
|
Billings in excess of costs
|
|
|
|
319,460
|
|
|
|
309,951
|
|
|
Total current liabilities
|
|
|
|
1,782,686
|
|
|
|
1,981,166
|
|
|
Long-term Debt
|
|
|
|
385,330
|
|
|
|
584,434
|
|
|
Other Deferred Liabilities
|
|
|
|
861,824
|
|
|
|
863,868
|
|
|
Commitments and Contingencies
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity:
|
|
|
|
|
|
|
|
|
|
|
Capital stock:
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, $1 par value, authorized—1,000,000 shares; issued
and outstanding—none
|
|
|
|
—
|
|
|
|
—
|
|
|
Common stock, $1 par value, authorized—240,000,000 shares; issued
and outstanding—120,950,899 shares and 123,152,966 shares,
respectively
|
|
|
|
120,951
|
|
|
|
123,153
|
|
|
Additional paid-in capital
|
|
|
|
1,168,272
|
|
|
|
1,137,144
|
|
|
Retained earnings
|
|
|
|
3,586,647
|
|
|
|
3,496,212
|
|
|
Accumulated other comprehensive loss
|
|
|
|
(610,594
|
)
|
|
|
(464,764
|
)
|
|
Total Jacobs stockholders’ equity
|
|
|
|
4,265,276
|
|
|
|
4,291,745
|
|
|
Noncontrolling interests
|
|
|
|
64,906
|
|
|
|
64,713
|
|
|
Total Group stockholders’ equity
|
|
|
|
4,330,182
|
|
|
|
4,356,458
|
|
|
|
|
|
$
|
7,360,022
|
|
|
$
|
7,785,926
|
|
|
|
|
|
|
|
|
|
|
|
|
Backlog (in millions):
|
|
|
|
|
|
|
|
|
At September 30, 2016 and October 2, 2015
|
|
|
|
|
|
|
|
|
|
Backlog:
|
|
|
2016
|
|
|
2015
|
|
Aerospace & Technology
|
|
|
$
|
5,109,973
|
|
|
$
|
4,880,775
|
|
Buildings & Infrastructure
|
|
|
|
5,033,539
|
|
|
|
4,723,034
|
|
Industrial
|
|
|
|
3,106,575
|
|
|
|
3,650,520
|
|
Petroleum & Chemicals
|
|
|
$
|
5,510,442
|
|
|
$
|
5,552,241
|
|
Total
|
|
|
$
|
18,760,529
|
|
|
$
|
18,806,570
|
|
|
|
|
|
|
|
|
|
|
Non-U.S. GAAP Financial Measures:
In this press release, the company has included certain non-GAAP
financial measures as defined in Regulation G promulgated under the
Securities Exchange Act of 1934, as amended. The non-GAAP financial
measures included in this press release are adjusted net earnings,
adjusted EPS and adjusted selling, general, and administrative (“G&A”)
expenses.
Adjusted earnings and adjusted EPS are non-GAAP financial measures that
are calculated by excluding the after-tax costs related to the 2015
Restructuring activities, the loss on sale of our French subsidiary and
the non-cash write off of an equity investment (collectively referred to
as the 2015 Restructuring and other items), which are not considered by
management to be part of the company’s ordinary operations. Adjusted G&A
expense is calculated by excluding the pre-tax costs related to the 2015
Restructuring. We believe that the adjusted net earnings, adjusted EPS
and adjusted G&A expense measurements are useful to management,
investors and other users of our financial information in evaluating the
company’s operating results and understanding the company’s operating
trends by excluding the effects of the 2015 Restructuring and other
items, which can obscure underlying trends. Additionally, management
uses adjusted net earnings, adjusted EPS, and adjusted G&A expenses in
its own evaluation of the company’s performance, particularly when
comparing performance to past periods, and believes these measures are
useful for investors because they facilitate a comparison of our
financial results from period to period.
The company provides non-GAAP measures to supplement U.S. GAAP measures,
as they provide additional insight into the company’s financial results.
However, non-GAAP measures have limitations as analytical tools and
should not be considered in isolation and are not in accordance with, or
a substitute for, U.S. GAAP measures. In addition, other companies may
define non-GAAP measures differently, which limits the ability of
investors to compare non-GAAP measures of the company to those used by
our peer companies.
The following tables reconcile the U.S. GAAP values of net earnings, EPS
and G&A expenses to the corresponding "adjusted" amounts. For the
comparable periods presented below, such adjustments consist of amounts
incurred in connection with the 2015 Restructuring and other items.
Amounts are shown in thousands, except for per-share data:
U.S. GAAP Reconciliation for the fourth quarter of
fiscal 2016 and 2015:
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
September 30, 2016
|
|
|
|
|
|
U.S. GAAP
|
|
|
Effects of 2015
Restructuring
and other
items
|
|
|
Without 2015
Restructuring
and other
items
|
|
|
Selling, general and administrative
|
|
|
$
|
348,881
|
|
|
$
|
(51,236
|
)
|
|
$
|
297,645
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Before Taxes
|
|
|
$
|
35,673
|
|
|
$
|
(92,646
|
)
|
|
$
|
128,319
|
|
|
Income Tax Benefit (Expense)
|
|
|
|
(5,790
|
)
|
|
|
29,162
|
|
|
|
(34,952
|
)
|
|
Net earnings of the Group
|
|
|
|
29,883
|
|
|
|
(63,484
|
)
|
|
|
93,367
|
|
|
Net Earnings Attributable to Noncontrolling Interests
|
|
|
|
(239
|
)
|
|
|
—
|
|
|
|
(239
|
)
|
|
Net earnings Attributable to Jacobs
|
|
|
$
|
29,644
|
|
|
$
|
(63,484
|
)
|
|
$
|
93,128
|
|
|
Diluted Earnings per share
|
|
|
$
|
0.24
|
|
|
$
|
(0.53
|
)
|
|
$
|
0.77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
October 2, 2015
|
|
|
|
|
|
U.S. GAAP
|
|
|
Effects of 2015
Restructuring
|
|
|
Without 2015
Restructuring
|
|
|
Selling, general and administrative
|
|
|
$
|
419,525
|
|
|
$
|
(96,623
|
)
|
|
$
|
322,902
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Before Taxes
|
|
|
$
|
49,291
|
|
|
$
|
(99,532
|
)
|
|
$
|
148,823
|
|
|
Income Tax Benefit (Expense)
|
|
|
|
(12,022
|
)
|
|
|
31,335
|
|
|
|
(43,357
|
)
|
|
Net earnings of the Group
|
|
|
|
37,269
|
|
|
|
(68,197
|
)
|
|
|
105,466
|
|
|
Net Earnings Attributable to Noncontrolling Interests
|
|
|
|
(7,406
|
)
|
|
|
—
|
|
|
|
(7,406
|
)
|
|
Net earnings Attributable to Jacobs
|
|
|
$
|
29,863
|
|
|
$
|
(68,197
|
)
|
|
$
|
98,060
|
|
|
Diluted Earnings per share
|
|
|
$
|
0.24
|
|
|
$
|
(0.56
|
)
|
|
$
|
0.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. GAAP Reconciliation for the fiscal years
ended September 30, 2016 and October 2, 2015:
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
|
|
|
September 30, 2016
|
|
|
|
|
|
U.S. GAAP
|
|
|
Effects of 2015
Restructuring
and other
items
|
|
|
Without 2015
Restructuring
and other
items
|
|
|
Selling, general and administrative
|
|
|
$
|
1,429,233
|
|
|
$
|
(187,630
|
)
|
|
$
|
1,241,603
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Before Taxes
|
|
|
|
286,723
|
|
|
|
(229,317
|
)
|
|
|
516,040
|
|
|
Income Tax Benefit (Expense)
|
|
|
|
(72,208
|
)
|
|
|
66,225
|
|
|
|
(138,433
|
)
|
|
Net earnings of the Group
|
|
|
|
214,515
|
|
|
|
(163,092
|
)
|
|
|
377,607
|
|
|
Net Earnings Attributable to Noncontrolling Interests
|
|
|
|
(4,052
|
)
|
|
|
—
|
|
|
|
(4,052
|
)
|
|
Net earnings Attributable to Jacobs
|
|
|
$
|
210,463
|
|
|
$
|
(163,092
|
)
|
|
$
|
373,555
|
|
|
Diluted Earnings per share
|
|
|
$
|
1.73
|
|
|
$
|
(1.35
|
)
|
|
$
|
3.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
|
|
|
October 2, 2015
|
|
|
|
|
|
U.S. GAAP
|
|
|
Effects of 2015
Restructuring
|
|
|
Without 2015
Restructuring
|
|
|
Selling, general and administrative
|
|
|
$
|
1,522,811
|
|
|
$
|
(154,283
|
)
|
|
$
|
1,368,528
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Before Taxes
|
|
|
$
|
430,137
|
|
|
$
|
(157,192
|
)
|
|
$
|
587,329
|
|
|
Income Tax Benefit (Expense)
|
|
|
|
(101,255
|
)
|
|
|
49,278
|
|
|
|
(150,533
|
)
|
|
Net earnings of the Group
|
|
|
|
328,882
|
|
|
|
(107,914
|
)
|
|
|
436,796
|
|
|
Net Earnings Attributable to Noncontrolling Interests
|
|
|
|
(25,911
|
)
|
|
|
—
|
|
|
|
(25,911
|
)
|
|
Net earnings Attributable to Jacobs
|
|
|
$
|
302,971
|
|
|
$
|
(107,914
|
)
|
|
$
|
410,885
|
|
|
Diluted Earnings per share
|
|
|
$
|
2.40
|
|
|
$
|
(0.86
|
)
|
|
$
|
3.26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20161122005391/en/
Source: Jacobs Engineering Group Inc.