Jacobs Engineering Group earnings for fiscal 2014

Jacobs Engineering has announced its financial results for the fiscal year and the fourth quarter ended 26 September 2014.

The company reported net earning is US$ 328.1 million (US$ 2,48/dilute share), on revenues of US$ 12.7 billion for its fiscal year. This compared to net earnings of US$ 423.1 million (US$ 3.23/diluted share), on revenues of US$ 11.8 billion for fiscal 2013. Included in the company’s results for the fiscal year ended 26 September 2014 is an aggregate after-tax negative impact of US$ 77.4 million (US$ 0.58/diluted share), related to restructuring efforts. Also included in the results for the fiscal year is an aggregate after-tax negative impact of US$ 31.8 million (US$ 0.24/diluted share), related to certain losses and events that occurred and were reported in the first half of 2014.

For the fourth quarter of fiscal 2014, Jacobs reported net earnings of US$ 86.1 million (US$ 0.65/dilute share), on revenues of US$ 3.2 billion. This decreased from net earnings of US$ 110.8 million (US$ o.84/dilute share), on revenues OF US$ 3.1 billion for the same period in fiscal 2013. Included in the company’s results for the quarter is an aggregate after-tax negative impact of US$ 30.4 million, (US$ 0.23/diluted share), related to restructuring efforts. Consolidated tax expense for the fourth quarter of fiscal 2014 was negatively impacted by the effects of changing tax rates relating to certain of the company’s international pension plans. This impact was substantially offset by the positive effects relating to the reassessment of certain international tax exposures and the resulting reversal of approximately US$ 4.0 million of accrued interest expense.

Jacobs also announced total backlog of US$ 18.4 billion at 26 September 2014, including technical professional services component of US$ 12.6 billion. This I up approximately 6.7% from total backlog and up approximately 13.4% from technical professional services backlog of US$ 17.2 billion and US$ 11.1 billion, respectively, at 27 September 2013.

Jacobs President and CEO, Craig Martin, commented: “While FY14 presented a number of challenges, new projects are contributing to our outlook for fiscal year 2015. We completed an in depth review of our costs and have further strengthened our cost position. We streamlined offices and repositioned personnel to win new business in our targeted markets. We continue to expect to deliver profitable growth over the long term that is in line with our longstanding 15% growth goal.”

Jacobs Chief Financial Officer, John W. Prosser, said: “Initial guidance for fiscal 2025 diluted earnings per share is a range of US$ 3.35 – US$ 3.85. As is historically typical, we expect first quarter earnings per share to be down sequentially from our last quarter”.

Adapted from a press release by Emma McAleavey.

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