USA: Jacobs Reports Net Earnings of $ 91 Million Strong Operational Results
Jacobs, one of the world's largest providers of technical, professional and construction services has published the company's first quarter results.
Pasadena/USA – Jacobs reported adjusted net earnings of $ 91 million, or $0.75 per diluted share, on revenues of $ 2.8 billion for its second quarter of fiscal 2016 ended April 1, 2016. This compares to adjusted net earnings of $ 92 million, or $ 0.72 per diluted share, on revenues of $ 2.9 billion for the second quarter of fiscal 2015 ended March 27, 2015.
Commenting on the results for the second quarter of fiscal 2016, Jacobs President and CEO Steve Demetriou stated, “I am pleased with the strong operational execution during the quarter, allowing the Company to mitigate challenges in certain end markets. The strength of our diversity, our improved project delivery performance and continued successful cost reduction efforts were key drivers in our ability to perform in the current environment. The Company’s new line of business organization and subsequent incremental reporting is enhancing discipline and accountability, while providing additional insight to our shareholders.”
Jacobs Chief Financial Officer Kevin Berryman added, “I would also like to note the sizeable improvement in cash flow and working capital for the quarter, both of which are indicative of a building momentum to become more effective in our working capital performance. Finally, our first half results give us greater confidence to reach our objectives for the year, and as a result, we are narrowing our guidance for the full year to an adjusted EPS of $ 2.90-$ 3.20.”
Second Quarter Fiscal 2016 Highlights:
- U.S. GAAP net earnings and EPS of $ 65 million and $ 0.54, respectively;
- Adjusted net earnings and EPS of $ 91 million and $ 0.75, respectively;
- Backlog at April 1, 2016 of $ 18.2 billion, steady at Q1 of fiscal 2016 level;
- Restructuring – cost reduction initiative delivering strong results – now targeting annual savings of $ 240 million - $ 270 million
- Cash flow from operations of $ 238 million; an increase of $ 272 million over the prior year;
- Repurchased 800,000 shares of common stock during the second quarter of fiscal 2016 for $ 30 million.