Jacobs Engineering Group Inc. announced its financial results for the third quarter of fiscal 2009 ended June 30, 2009. Jacobs reported net earnings of $94.9 million, or $0.76 per diluted share, on revenues of $2.7 billion for its third quarter of fiscal 2009 ended June 30, 2009. This compares to net earnings of $108.7 million, or $0.87 per diluted share, on revenues of $2.9 billion for the corresponding period last year.
For the nine months ended June 30, 2009, Jacobs reported net earnings of $320.5 million, or $2.58 per diluted share, on revenues of $8.9 billion. This compares to net earnings of $306.4 million, or $2.46 per diluted share, on revenues of $8.1 billion for the same period in fiscal 2008.
Included in the Company's results of operations for the nine months ended June 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.
Jacobs also announced backlog totaling $15.8 billion at June 30, 2009, including a technical professional services component of $8.4 billion. This compares to total backlog and technical professional services backlog of $16.6 billion and $8.1 billion, respectively, at the end of last quarter. During the quarter ended June 30, 2009, approximately $665 million was removed from backlog as a result of project cancellations ($300 million) and a shift of pass-through costs to the owners' responsibility ($365 million). All but $20 million of the reduction came out of field services backlog.
Commenting on the results for the third quarter, Jacobs President and CEO Craig L. Martin stated, "While our public sector markets - led by national government programs - remain good, our growth there was insufficient to offset declines in our private sector markets. Consequently, our results for the quarter were disappointing. The market remains uncertain, with economic conditions, oil prices, and business confidence reflecting that uncertainty. Our business model positions us well in challenging times, so we expect to capitalize on the opportunities these times create."
Commenting on the Company's earnings outlook for the remainder of fiscal 2009, Jacobs Chief Financial Officer John W. Prosser, Jr. stated, "As we approach our year-end we are narrowing our guidance for fiscal 2009 to a range of $3.10 to $3.35 which is within the lower portion of our previously issued guidance of $3.10 to $3.50."
