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Jacobs Reports Earnings for Q1 of Fiscal 2010

Source: www.gulfoilandgas.com 1/25/2010, Location: North America

Jacobs Engineering Group Inc. announced its financial results for the first quarter of fiscal 2010 ended January 1, 2010. Jacobs reported today net earnings of $72.4 million, or $0.58 per diluted share, on revenues of $2.5 billion for its first quarter of fiscal 2010 ended January 1, 2010. This compares to net earnings of $116.4 million, or $0.94 per diluted share, on revenues of $3.2 billion for the first quarter of fiscal 2009 ended January 2, 2009.

The Company ceased using one of its offices located in Houston, Texas, and entered into a sublease for the entire property. Included in the Company's results of operations for the first quarter for fiscal 2010 is an after-tax charge of $5.8 million, or $0.04 per diluted share, relating to this event.

Jacobs also announced backlog totaling $14.9 billion at January 1, 2010, including a technical professional services component of $8.2 billion. This compares to total backlog and technical professional services backlog of $16.0 billion and $7.9 billion, respectively, at January 2, 2009.

Commenting on the results for the first quarter, Jacobs President and CEO Craig L. Martin stated, "Our results for the quarter reflect good execution by all of our offices, as well as continued focus on controlling costs. Although the economic environment continues to be difficult, our relationship-based business model remains strength. We are also pleased to have completed the acquisition of TYBRIN, a 1,500 person professional services firm."

Commenting on the Company's earnings outlook for the remainder of fiscal 2010, Jacobs Chief Financial Officer John W. Prosser, Jr. stated, "Based on the results for the first quarter and our current outlook, we are maintaining our guidance for fiscal 2010 of earnings per share of a range of $2.00 to $2.60."

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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