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Jacobs Engineering Group Inc. Reports Record Earnings for Fiscal 2008

Source: www.gulfoilandgas.com 11/3/2008, Location: North America

Jacobs Engineering Group Inc announced its financial results for the fiscal year and fourth quarter ended September 30, 2008.

Jacobs reported today record net earnings of $420.7 million, or $3.38 per diluted share, on revenues of $11.3 billion for its fiscal year ended September 30, 2008. This compares to net earnings of $287.1 million, or $2.35 per diluted share, on revenues of $8.5 billion for fiscal 2007.

Included in the Company's results of operations for the fiscal year ended September 30, 2008 is an after-tax gain of $5.4 million, or $0.04 per diluted share, from the sale, in the first quarter of fiscal 2008, of its interest in a company that provides specialized operations and maintenance services.

For the fourth quarter of fiscal 2008, Jacobs reported net earnings of $114.4 million, or $0.92 per diluted share, on revenues of $3.2 billion. This compares to net earnings of $83.9 million, or $0.68 per diluted share, on revenues of $2.3 billion for the fourth quarter of fiscal 2007.

Jacobs also announced backlog totaling $16.7 billion at September 30, 2008, including a technical professional services component of $8.1 billion. This compares to total backlog and technical professional services backlog of $13.6 billion and $6.2 billion, respectively, at September 30, 2007.

Commenting on the results for the year, Jacobs President and CEO Craig L. Martin stated, "In spite of significant challenges created by the recent hurricanes in the Gulf Coast, our team produced excellent results in the fourth quarter and for the year. Our one disappointment this quarter came from a breakdown in our relationship with a customer on a project in the Canadian oil sands. Because of the breakdown, the customer is transferring future phases of the project to other contractors. As a result, we removed $2.36 billion from our backlog for this project, which would have been performed over the next three fiscal years. Of this, $2.27 billion was in field services, substantially in the form of 'pass-thru' revenues. Our Canadian business remains healthy and we are working diligently to rebuild our relationship with this customer."

"Our sales in the fourth quarter remained strong. Our business is solid and prospect quality remains high. As we look ahead, FY09 looks like another good year."

Commenting on the Company's earnings outlook for fiscal 2009, Jacobs Chief Financial Officer John W. Prosser, Jr. stated, "The outlook for 2009 is good and should track inline with our long-term goals. Our initial guidance for 2009 earnings per share is a range of $3.55 to $4.05."

Jacobs, with over 57,000 employees and revenues exceeding $11.0 billion, provides technical, professional, and construction services globally.

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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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