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Jacobs Engineering Group Inc. Reports Earnings for the Third Quarter of Fiscal 2018

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Jacobs Engineering Group Inc. Reports Earnings for the Third Quarter of Fiscal 2018Disciplined Strategy Execution and CH2M Integration Deliver Strong ResultsPR NewswireDALLAS, Aug. 6, 2018DALLAS, Aug. 6, 2018 /PRNewswire/ -- Jacobs Engineering Group Inc. (NYSE:JEC) today announced its financial results for the fiscal third quarter ended June 29, 2018, noting the following highlights.Q3 2018 net earnings of $150 M, with $1.05 per share up 42% year over yearQ3 2018 adjusted net earnings of $194 M up 104% year-over-yearQ3 2018 adjusted EPS of $1.35 per share up 71% year-over-yearQ3 2018 revenue of $4.2 B grew 65% year-over-year on a reported basis, 14% on a pro forma basisQ3 2018 backlog of $27.2 B grew 47% year-over-year on a reported basis, 8% increase on a pro forma basisCH2M cost savings are accelerating with revenue synergies beginning to materialize in sales pipelineGross debt down $172 M sequentially; plan in place to further decrease leverage"We continue to demonstrate strong execution on our strategic priorities to build a high-performance culture that delivers service excellence and innovative solutions to grow profitably. This disciplined focus is reflected in another strong quarter of financial performance and outlook," said Jacobs Chairman and CEO Steve Demetriou. "Just one year since we announced the CH2M acquisition, our integration is tracking ahead of our plan and we are increasing our cost synergies target to $175 million from $150 million. Thanks to the hard work and commitment of our people, we are creating a differentiated professional services company, with a mission to deliver advanced solutions for a more connected, sustainable world."Kevin Berryman, Jacobs CFO, added, "Our third quarter results again demonstrated strong profitable growth, with double-digit increases in both revenue and operating profit versus last year.  We also generated over $200 million in cash flow from operations and reduced gross debt to adjusted EBITDA to 1.9 times, a figure now within our long-term range, although we remain focused to further reduce gross debt over the next several months." Berryman also cited higher earnings. "Given our strong performance year to date, we now expect fiscal 2018 adjusted earnings per share to be at the high end of our previous outlook of $4.00-$4.40."11Reconciliation of the adjusted EPS outlook for the full fiscal year to the most directly comparable GAAP measure is not available without unreasonable efforts because the Company cannot predict with sufficient certainty all the components required to provide such reconciliation.  Third Quarter ReviewFiscal 3Q 2018Fiscal 3Q 2017ChangeRevenue$4.2 billion$2.5 billion$1.6 billionGAAP Net Earnings$150 million$89 million$61 millionGAAP Earnings Per Diluted Share (EPS)$1.05$0.74$0.31Adjusted Net Earnings$194 million$95 million$99 millionAdjusted EPS$1.35$0.79$0.56The company's adjusted net earnings and adjusted EPS for the third quarter of fiscal 2018 and fiscal 2017 exclude the charges and costs set forth in the table below. For additional information regarding these adjustments and a reconciliation of adjusted net earnings and adjusted EPS to net earnings and EPS, respectively, refer to the section entitled "Non-GAAP Financial Measures" at the end of this release.Fiscal 3Q 2018Fiscal 3Q 2017After-tax restructuring and other chargesNA$6 million ($0.05 per diluted share)After-tax costs and other charges associated with restructuring activities implemented in connection with the CH2M acquisition$35 million ($0.24 per diluted share)NAAfter-tax transaction costs incurred in connection with the closing of the CH2M acquisition$4 million ($0.03 per diluted share)NACharge resulting from the revaluation of certain deferred tax assets/liabilities in connection with U.S. tax reform$5 million ($0.04 per diluted share)NAAdjusted Earnings (EPS)$194 million ($1.35 per diluted share)$95 million ($0.79 per diluted share)(note: earnings per share amounts may not add due to rounding)Fiscal third quarter 2018 effective tax rate was 20.5% excluding the U.S. tax reform adjustment mentioned above compared to the company's outlook for a 25% effective tax rate. The lower than expected tax rate contributed 7 cents to adjusted EPS.The company is also providing an initial outlook on fiscal 2019 earlier than its normal cadence, given the lack of historical pro forma results and seasonality of the newly combined organization. As a result, fiscal 2019 adjusted EPS is expected to be in the range of $5.00 to $5.40.Jacobs is hosting a conference call at 10:00 A.M. ET on Monday, August 6, 2018, which it is webcasting live at www.jacobs.com.About JacobsJacobs leads the global professional services sector delivering solutions for a more connected, sustainable world. With $15 billion in fiscal 2017 revenue when combined with full-year CH2M revenues and a talent force of more than 77,000, Jacobs provides a full spectrum of services including scientific, technical, professional and construction- and program-management for business, industrial, commercial, government and infrastructure sectors. For more information, visit www.jacobs.com, and connect with Jacobs on LinkedIn, Twitter, Facebook and Instagram.Forward-Looking StatementsCertain statements contained in this press release constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same.  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 additional 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 year ended September 29, 2017, 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, and our Quarterly Report on Form 10-Q for the quarter ended June 29, 2018, and in particular the discussions contained under Part I, Item 2 -  Management's Discussion and Analysis of Financial Condition and Results of Operations; Part II, Item 1 – Legal Proceedings; and Part II, Item 1A - Risk Factors, as well as the Company's other filings with the Securities and Exchange Commission.  The Company is not under any duty to update any of the forward-looking statements after the date of this press release to conform to actual results, except as required by applicable law.Financial Highlights:Results of Operations (in thousands, except per-share data):For the Three Months EndedFor the Nine Months EndedJune 29, 2018June 30, 2017June 29, 2018June 30, 2017Revenues$4,156,663$2,514,751$10,842,001$7,368,922Direct cost of contracts(3,380,254)(2,055,386)(8,805,048)(6,070,961)Gross profit776,409459,3652,036,9531,297,961Selling, general and administrative expenses(563,680)(330,890)(1,630,294)(1,012,685)Operating Profit212,729128,475406,659285,276Other Income (Expense):Interest income1,2772,1236,8965,697Interest expense(23,787)(4,054)(50,106)(11,327)Miscellaneous income (expense), net2,564852(6,582)(5,879)Total other (expense) income, net(19,946)(1,079)(49,792)(11,509)Earnings Before Taxes192,783127,396356,867273,767Income Tax Expense(42,712)(38,767)(152,302)(79,820)Net Earnings of the Group150,07188,629204,565193,947Net (Earnings) Loss Attributable to Noncontrolling Interests151403(3,593)5,639Net Earnings Attributable to Jacobs$150,222$89,032$200,972$199,586Net Earnings Per Share:Basic$1.05$0.74$1.47$1.65Diluted$1.05$0.74$1.46$1.64 Segment Information (in thousands):For the Three Months EndedFor the Nine Months EndedJune 29, 2018June 30, 2017June 29, 2018June 30, 2017Full story available on Benzinga.com
Weiter zum vollständigen Artikel bei "Benzinga"
Quelle: Benzinga

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Analysen zu Jacobs Engineering Group Inc

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29.03.2018Jacobs Engineering Group BuyDeutsche Bank AG
13.12.2017Jacobs Engineering Group OverweightBarclays Capital
29.06.2016Jacobs Engineering Group NeutralMKM Partners
03.06.2016Jacobs Engineering Group BuyArgus Research Company
16.05.2016Jacobs Engineering Group Mkt PerformFBR Capital
29.03.2018Jacobs Engineering Group BuyDeutsche Bank AG
13.12.2017Jacobs Engineering Group OverweightBarclays Capital
03.06.2016Jacobs Engineering Group BuyArgus Research Company
01.09.2015Jacobs Engineering Group BuyStandpoint Research
05.08.2015Jacobs Engineering Group OutperformCowen and Company, LLC
29.06.2016Jacobs Engineering Group NeutralMKM Partners
16.05.2016Jacobs Engineering Group Mkt PerformFBR Capital
14.04.2016Jacobs Engineering Group HoldStandpoint Research
29.07.2015Jacobs Engineering Group Market PerformCowen and Company, LLC
24.04.2015Jacobs Engineering Group NeutralRobert W. Baird & Co. Incorporated

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