DALLAS--(BUSINESS WIRE)--
Jacobs Engineering Group Inc. (NYSE:JEC) today announced its financial
results for the second quarter of fiscal 2017 ended March 31, 2017.
Second Quarter Fiscal 2017 Highlights:
-
U.S. GAAP net earnings of $50 million, or $0.41 per share;
-
Adjusted net earnings of $95 million, or $0.78 per share;
-
Backlog of $18.5 billion – up $307 million vs. prior quarter and $247
million vs. year ago; highest professional services backlog in eight
quarters;
-
Gross margin improvement of over 200 basis points vs. prior year,
driven by strong project execution and increased focus on more
profitable business;
-
U.S. GAAP G&A down 2% vs. FY16Q2; continued cost focus supporting
adjusted G&A decline of 7% compared to prior year;
-
Repurchased 0.9 million shares during second quarter for $51 million;
dividends paid of $18 million.
Jacobs reported U.S. GAAP net earnings of $50 million, or $0.41 per
share, on revenue of $2.3 billion for the second quarter ended March 31,
2017. This compares to U.S. GAAP net earnings of $65 million, or $0.54
per share, on revenues of $2.8 billion for the second quarter ended
April 1, 2016.
Jacobs’ second quarter 2017 results include approximately $45 million,
or $0.37 per share, in after-tax costs associated with the 2015
Restructuring as well as other charges associated with our strategic
review of our Europe, U.K. and Middle East regional operations
(collectively referred to as “Restructuring and other charges”). Our
second quarter 2016 results included approximately $26 million, or $0.21
per share, in charges related to the 2015 Restructuring. The increase in
restructuring costs year over year drove a decline in the Company’s U.S.
GAAP net earnings of 23% versus the year ago quarter.
Excluding the 2015 Restructuring and other charges above, Jacobs’ second
quarter 2017 adjusted net earnings totaled $95 million, or $0.78 per
share, up 4% as compared to $91 million, or $0.75 per share, from the
corresponding period for 2016.
Our U.S. GAAP and adjusted results for the second fiscal quarter of 2017
include a net benefit of $0.05 per share associated with one-time
benefit plan changes in India partly offset by certain legal
settlements. Additionally, the Company’s fiscal 2016 second quarter
adjusted net earnings reflected a net benefit of $0.03 per share related
to several items, including the release of a foreign tax reserve and a
one-time benefit in non-controlling interests pertaining to certain work
performed by one of our partially owned subsidiaries; partially off-set
by the impact of a customer bankruptcy and a litigation settlement.
Total backlog was $18.5 billion at March 31, 2017, including a
professional services component of $12.4 billion, as compared to total
backlog of $18.2 billion and a professional services component of $11.4
billion for the corresponding period last year. On a sequential basis,
gross margin associated with our Q2 backlog continued to improve from
our Q1 FY17 levels.
Commenting on the results for the second quarter 2017, Steve Demetriou,
Jacobs Chairman and CEO said, "We are excited about the benefits from
the significant steps we have taken over the past two years to improve
our operating performance and capabilities, resulting in our first year
over year adjusted operating profit improvement in almost 3 years. While
commodity oriented markets continue to be impacted by weak prices, our
results give us further confidence in our ability to deliver on a more
profitable growth track, as evidenced by the growth in our backlog,
improved gross margins and lower SG&A costs.”
The Company’s cash flow from operations was $96 million in the second
quarter. Additionally, during the quarter, we repurchased 0.9 million
shares of common stock at a total cost of $51 million and paid dividends
of $18 million.
Outlook
Kevin Berryman, Jacobs CFO, added, "We are beginning to show improved
profit momentum, as evidenced by a 4% improvement in adjusted earnings
per share versus the year ago quarter. We have augmented this positive
momentum with a more balanced capital return strategy, as evidenced by
the authorization and payment of our inaugural dividend of $0.15 per
share. Given our Q2 and year to date results, our expectations remain
unchanged for the year, with a range of total adjusted EPS for the year
at $3.00 to $3.30 per share.”
Jacobs will host a conference call today at 10:00 A.M. CT, which will be
streamed live on 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 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 Securities and Exchange Commission. We also caution the
readers of this release that we do not undertake to update any
forward-looking statements made in this release.
Financial Highlights:
Results of Operations (in thousands, except
per-share data):
|
|
|
|
For the Three Months Ended
|
|
|
For the Six Months Ended
|
|
|
|
|
March 31, 2017
|
|
|
April 1, 2016
|
|
|
March 31, 2017
|
|
|
April 1, 2016
|
|
Revenues
|
|
|
$
|
2,302,567
|
|
|
|
$
|
2,781,763
|
|
|
|
$
|
4,854,171
|
|
|
|
$
|
5,629,697
|
|
|
Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct cost of contracts
|
|
|
|
(1,883,283
|
)
|
|
|
|
(2,337,547
|
)
|
|
|
|
(4,015,575
|
)
|
|
|
|
(4,745,007
|
)
|
|
Selling, general and administrative expenses
|
|
|
|
(351,111
|
)
|
|
|
|
(357,435
|
)
|
|
|
|
(681,795
|
)
|
|
|
|
(738,459
|
)
|
|
Operating Profit
|
|
|
|
68,173
|
|
|
|
|
86,781
|
|
|
|
|
156,801
|
|
|
|
|
146,231
|
|
|
Other Income (Expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
2,088
|
|
|
|
|
2,264
|
|
|
|
|
3,574
|
|
|
|
|
4,484
|
|
|
Interest expense
|
|
|
|
(3,755
|
)
|
|
|
|
(2,200
|
)
|
|
|
|
(7,273
|
)
|
|
|
|
(5,743
|
)
|
|
Miscellaneous (expense) income, net
|
|
|
|
(6,015
|
)
|
|
|
|
3,611
|
|
|
|
|
(6,731
|
)
|
|
|
|
3,271
|
|
|
Total other (expense) income, net
|
|
|
|
(7,682
|
)
|
|
|
|
3,675
|
|
|
|
|
(10,430
|
)
|
|
|
|
2,012
|
|
|
Earnings Before Taxes
|
|
|
|
60,491
|
|
|
|
|
90,456
|
|
|
|
|
146,371
|
|
|
|
|
148,243
|
|
|
Income Tax Expense
|
|
|
|
(16,326
|
)
|
|
|
|
(27,067
|
)
|
|
|
|
(41,053
|
)
|
|
|
|
(34,548
|
)
|
|
Net Earnings of the Group
|
|
|
|
44,165
|
|
|
|
|
63,389
|
|
|
|
|
105,318
|
|
|
|
|
113,695
|
|
|
Net Earnings Attributable to Noncontrolling Interests
|
|
|
|
5,853
|
|
|
|
|
1,861
|
|
|
|
|
5,236
|
|
|
|
|
(1,931
|
)
|
|
Net Earnings Attributable to Jacobs
|
|
|
$
|
50,018
|
|
|
|
$
|
65,250
|
|
|
|
$
|
110,554
|
|
|
|
$
|
111,764
|
|
|
Net Earnings Per Share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.41
|
|
|
|
$
|
0.54
|
|
|
|
$
|
0.91
|
|
|
|
$
|
0.93
|
|
|
Diluted
|
|
|
$
|
0.41
|
|
|
|
$
|
0.54
|
|
|
|
$
|
0.91
|
|
|
|
$
|
0.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares Used to Calculate EPS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
119,484
|
|
|
|
|
120,216
|
|
|
|
|
119,416
|
|
|
|
|
120,554
|
|
|
Diluted
|
|
|
|
121,714
|
|
|
|
|
121,143
|
|
|
|
|
121,801
|
|
|
|
|
121,553
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Information (in thousands):
|
|
|
|
For the Three Months Ended
|
|
|
For the Six Months Ended
|
|
|
|
|
March 31, 2017
|
|
|
April 1, 2016
|
|
|
March 31, 2017
|
|
|
April 1, 2016
|
|
Revenues from External Customers:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace & Technology
|
|
|
$
|
577,040
|
|
|
|
$
|
669,464
|
|
|
|
$
|
1,154,476
|
|
|
|
$
|
1,339,655
|
|
|
Buildings & Infrastructure
|
|
|
|
585,242
|
|
|
|
|
579,128
|
|
|
|
|
1,165,859
|
|
|
|
|
1,142,458
|
|
|
Industrial
|
|
|
|
582,458
|
|
|
|
|
666,556
|
|
|
|
|
1,334,196
|
|
|
|
|
1,338,656
|
|
|
Petroleum & Chemicals
|
|
|
|
557,827
|
|
|
|
|
866,615
|
|
|
|
|
1,199,640
|
|
|
|
|
1,808,928
|
|
|
Total
|
|
|
$
|
2,302,567
|
|
|
|
$
|
2,781,763
|
|
|
|
$
|
4,854,171
|
|
|
|
$
|
5,629,697
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
For the Six Months Ended
|
|
|
|
|
March 31, 2017
|
|
|
April 1, 2016
|
|
|
March 31, 2017
|
|
|
April 1, 2016
|
|
Operating Profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace & Technology
|
|
|
$
|
45,057
|
|
|
|
$
|
55,121
|
|
|
|
$
|
96,144
|
|
|
|
$
|
103,120
|
|
|
Buildings & Infrastructure
|
|
|
|
43,987
|
|
|
|
|
42,463
|
|
|
|
|
82,784
|
|
|
|
|
82,915
|
|
|
Industrial
|
|
|
|
24,073
|
|
|
|
|
12,417
|
|
|
|
|
49,202
|
|
|
|
|
39,772
|
|
|
Petroleum & Chemicals
|
|
|
|
35,619
|
|
|
|
|
30,945
|
|
|
|
|
59,271
|
|
|
|
|
62,548
|
|
|
Total Segment Operating Profit
|
|
|
|
148,736
|
|
|
|
|
140,946
|
|
|
|
|
287,401
|
|
|
|
|
288,355
|
|
|
Other Corporate Expenses
|
|
|
|
(8,338
|
)
|
|
|
|
(18,797
|
)
|
|
|
|
(26,634
|
)
|
|
|
|
(38,373
|
)
|
|
Restructuring and Other Charges
|
|
|
|
(72,225
|
)
|
|
|
|
(35,368
|
)
|
|
|
|
(103,966
|
)
|
|
|
|
(103,751
|
)
|
|
Total Operating Profit
|
|
|
|
68,173
|
|
|
|
|
86,781
|
|
|
|
|
156,801
|
|
|
|
|
146,231
|
|
|
Total Other (Expense) income
|
|
|
|
(6,449
|
)
|
|
|
|
3,675
|
|
|
|
|
(9,197
|
)
|
|
|
|
2,012
|
|
|
Total Other (Expense) income - Restructuring
|
|
|
|
(1,233
|
)
|
|
|
|
-
|
|
|
|
|
(1,233
|
)
|
|
|
|
-
|
|
|
Earnings Before Taxes
|
|
|
$
|
60,491
|
|
|
|
$
|
90,456
|
|
|
|
$
|
146,371
|
|
|
|
$
|
148,243
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Operational Information (in thousands):
|
|
|
For the Three Months Ended
|
|
|
For the Six Months Ended
|
|
|
|
March 31, 2017
|
|
|
April 1, 2016
|
|
|
March 31, 2017
|
|
|
April 1, 2016
|
|
Depreciation (pre-tax)
|
|
$
|
17,858
|
|
|
$
|
21,059
|
|
|
$
|
34,479
|
|
|
$
|
43,226
|
|
Amortization of Intangibles (pre-tax)
|
|
$
|
11,299
|
|
|
$
|
11,725
|
|
|
$
|
23,213
|
|
|
$
|
23,451
|
|
Pass-Through Costs Included in Revenues
|
|
$
|
560,565
|
|
|
$
|
601,129
|
|
|
$
|
1,233,545
|
|
|
$
|
1,271,460
|
|
Capital Expenditures
|
|
$
|
24,707
|
|
|
$
|
13,322
|
|
|
$
|
45,761
|
|
|
$
|
29,309
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet (in thousands):
|
At March 31, 2017 and September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2017
(Unaudited)
|
|
|
September 30,
2016
|
|
ASSETS
|
|
|
|
|
|
|
|
Current Assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
674,596
|
|
|
|
$
|
655,716
|
|
|
Receivables
|
|
|
|
2,058,005
|
|
|
|
|
2,115,663
|
|
|
Prepaid expenses and other
|
|
|
|
88,545
|
|
|
|
|
93,091
|
|
|
Total current assets
|
|
|
|
2,821,146
|
|
|
|
|
2,864,470
|
|
|
Property, Equipment and Improvements, Net
|
|
|
|
316,077
|
|
|
|
|
319,673
|
|
|
Other Noncurrent Assets:
|
|
|
|
|
|
|
|
Goodwill
|
|
|
|
2,862,364
|
|
|
|
|
3,079,628
|
|
|
Intangibles
|
|
|
|
319,821
|
|
|
|
|
336,922
|
|
|
Miscellaneous
|
|
|
|
766,595
|
|
|
|
|
759,329
|
|
|
Total other non-current assets
|
|
|
|
3,948,780
|
|
|
|
|
4,175,879
|
|
|
|
|
|
$
|
7,086,003
|
|
|
|
$
|
7,360,022
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
|
|
Notes payable
|
|
|
$
|
2,941
|
|
|
|
$
|
2,421
|
|
|
Accounts payable
|
|
|
|
468,138
|
|
|
|
|
522,427
|
|
|
Accrued liabilities
|
|
|
|
872,858
|
|
|
|
|
938,378
|
|
|
Billings in excess of costs
|
|
|
|
389,279
|
|
|
|
|
319,460
|
|
|
Total current liabilities
|
|
|
|
1,733,216
|
|
|
|
|
1,782,686
|
|
|
Long-term Debt
|
|
|
|
334,925
|
|
|
|
|
385,330
|
|
|
Other Deferred Liabilities
|
|
|
|
843,606
|
|
|
|
|
861,824
|
|
|
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—120,453,954 shares and 120,950,899 shares
as of March 31, 2017 and September 30, 2016, respectively
|
|
|
|
120,454
|
|
|
|
|
120,951
|
|
|
Additional paid-in capital
|
|
|
|
1,217,248
|
|
|
|
|
1,168,272
|
|
|
Retained earnings
|
|
|
|
3,611,953
|
|
|
|
|
3,586,647
|
|
|
Accumulated other comprehensive loss
|
|
|
|
(835,008
|
)
|
|
|
|
(610,594
|
)
|
|
Total Jacobs stockholders’ equity
|
|
|
|
4,114,647
|
|
|
|
|
4,265,276
|
|
|
Noncontrolling interests
|
|
|
|
59,609
|
|
|
|
|
64,906
|
|
|
Total Group stockholders’ equity
|
|
|
|
4,174,256
|
|
|
|
|
4,330,182
|
|
|
|
|
|
$
|
7,086,003
|
|
|
|
$
|
7,360,022
|
|
|
|
|
|
|
|
|
|
Backlog (in millions):
|
|
|
March 31, 2017
|
|
|
April 1, 2016
|
|
|
|
|
|
|
|
|
Aerospace & Technology
|
|
$
|
5,490.7
|
|
|
$
|
4,887.2
|
|
Buildings & Infrastructure
|
|
|
5,270.3
|
|
|
|
4,838.9
|
|
Industrial
|
|
|
2,361.2
|
|
|
|
3,304.3
|
|
Petroleum & Chemicals
|
|
|
5,334.7
|
|
|
|
5,179.4
|
|
Total
|
|
$
|
18,456.9
|
|
|
$
|
18,209.8
|
|
|
|
|
|
|
|
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, adjusted operating profit, adjusted revenue, adjusted
direct cost of contracts, adjusted selling, general, and administrative
(“G&A”) expenses, and adjusted total other income and expense.
Adjusted net earnings and adjusted EPS are non-GAAP financial measures
that are calculated by excluding the after-tax costs related to the 2015
Restructuring activities as well as other charges associated with our
Europe, U.K. and Middle East region (collectively referred to as
“Restructuring and other charges”), which are not considered by
management to be part of the Company’s ordinary operations. Adjusted
revenue, adjusted direct cost of contracts, adjusted operating profit,
adjusted G&A expense and adjusted total other income and expense are
calculated by excluding the pre-tax costs related to the Restructuring
and other charges. We believe that the adjusted net earnings, adjusted
EPS, adjusted operating profit, adjusted revenue, adjusted direct cost
of contracts, adjusted G&A expense and adjusted total other income and
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 Restructuring and other charges, which can obscure
underlying trends. Additionally, management uses adjusted net earnings,
adjusted EPS, adjusted operating profit, adjusted revenue, adjusted
direct cost of contracts, adjusted G&A expenses and adjusted total other
income and expense 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, revenue, direct cost of contracts, G&A expenses, operating profit
and total other income and expense, to the corresponding "adjusted"
amounts. For the comparable periods presented below, such adjustments
consist of amounts incurred in connection with the Restructuring and
other charges. Amounts are shown in thousands, except for per-share data:
U.S. GAAP Reconciliation for the second quarter of
fiscal 2017 and 2016:
|
|
|
|
Three Months Ended
|
|
|
|
|
March 31, 2017
|
|
|
|
|
U.S. GAAP
|
|
|
Effects of
Restructuring and
Other Charges
|
|
|
Without
Restructuring and
Other Charges
|
|
Revenue
|
|
|
$
|
2,302,567
|
|
|
|
$
|
16,529
|
|
|
|
$
|
2,319,096
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct cost of contracts
|
|
|
|
1,883,283
|
|
|
|
|
(4,663
|
)
|
|
|
|
1,878,620
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses
|
|
|
|
351,111
|
|
|
|
|
(51,033
|
)
|
|
|
|
300,078
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit
|
|
|
|
68,173
|
|
|
|
|
72,225
|
|
|
|
|
140,398
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other (expense) income, net
|
|
|
|
(7,682
|
)
|
|
|
|
1,233
|
|
|
|
|
(6,449
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Before Taxes
|
|
|
|
60,491
|
|
|
|
|
73,458
|
|
|
|
|
133,949
|
|
|
Income Tax (Expense) Benefit
|
|
|
|
(16,326
|
)
|
|
|
|
(23,587
|
)
|
|
|
|
(39,913
|
)
|
|
Net earnings of the Group
|
|
|
|
44,165
|
|
|
|
|
49,871
|
|
|
|
|
94,036
|
|
|
Net Earnings Attributable to Non-controlling interests
|
|
|
|
5,853
|
|
|
|
|
(4,663
|
)
|
|
|
|
1,190
|
|
|
Net earnings Attributable to Jacobs
|
|
|
$
|
50,018
|
|
|
|
$
|
45,208
|
|
|
|
$
|
95,226
|
|
|
Diluted earnings per share
|
|
|
$
|
0.41
|
|
|
|
$
|
0.37
|
|
|
|
$
|
0.78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
April 1, 2016
|
|
|
|
|
U.S. GAAP
|
|
|
Effects of 2015
Restructuring
|
|
|
Without 2015
Restructuring
|
|
Selling, general and administrative expenses
|
|
|
$
|
357,435
|
|
|
|
$
|
(35,183
|
)
|
|
|
$
|
322,252
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit
|
|
|
|
86,781
|
|
|
|
|
35,183
|
|
|
|
|
121,964
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other income (expense), net
|
|
|
|
3,675
|
|
|
|
|
185
|
|
|
|
|
3,860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Before Taxes
|
|
|
|
90,456
|
|
|
|
|
35,368
|
|
|
|
|
125,824
|
|
|
Income Tax (Expense) Benefit
|
|
|
|
(27,067
|
)
|
|
|
|
(9,668
|
)
|
|
|
|
(36,735
|
)
|
|
Net earnings of the Group
|
|
|
|
63,389
|
|
|
|
|
25,700
|
|
|
|
|
89,089
|
|
|
Net Earnings Attributable to Non-controlling interests
|
|
|
|
1,861
|
|
|
|
|
—
|
|
|
|
|
1,861
|
|
|
Net earnings Attributable to Jacobs
|
|
|
$
|
65,250
|
|
|
|
$
|
25,700
|
|
|
|
$
|
90,950
|
|
|
Diluted earnings per share
|
|
|
$
|
0.54
|
|
|
|
$
|
0.21
|
|
|
|
$
|
0.75
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170509005649/en/
Source: Jacobs Engineering Group Inc.