Jacobs Engineering Group Inc. Earnings: Profit Rises for Third Straight Quarter
S&P 500 (NYSE:SPY) component Jacobs Engineering Group Inc. (NYSE:JEC) reported its results for the second quarter. Jacobs Engineering Group offers its customers technical and construction services including engineering, design, construction management and operations and maintenance services.
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Jacobs Engineering Group Earnings Cheat Sheet for the Second Quarter
Results: Net income for Jacobs Engineering Group Inc. rose to $83.9 million (65 cents per share) vs. $80.3 million (63 cents per share) in the same quarter a year earlier. This marks a rise of 4.6% from the year-earlier quarter.
Revenue: Rose 5.7% to $2.7 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Jacobs Engineering Group Inc. fell short of the mean analyst estimate of 74 cents per share. It fell short of the average revenue estimate of $2.78 billion.
Quoting Management: Commenting on the results for the second quarter, Jacobs President and CEO Craig L. Martin stated, “While this quarter’s earnings were disappointing, the outlook remains positive. Backlog is up 4.2% sequentially and up 7.8% year-over-year. Our prospects are strong and we anticipate a very good year from a sales perspective.”
The company has now seen its net income increase for three consecutive quarters. In the first quarter, net income rose 36.3% and in the fourth quarter of the last fiscal year, the figure rose 22.5%.
Revenue has risen for the last four quarters. Revenue increased 11.7% to $2.63 billion in the first quarter. The figure rose 16.2% in the fourth quarter of the last fiscal year from the year earlier and climbed 9.4% in the third quarter of the last fiscal year from the year-ago quarter.
The company fell short of estimates last quarter after being in line with expectations the quarter before with net income of 70 cents.
Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the third quarter has moved down from 79 cents a share to 78 cents over the last thirty days. The average estimate hasn’t changed from $3.05 per share for the fiscal year.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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