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Jacobs Q3 results

Hydrocarbon Engineering,


Jacobs has reported adjusted net earnings of US$121.1 million on revenues of US$2.9 billion for the third quarter of its 2015 fiscal year which ended on June 26. This compares to adjusted net earnings of US$111.8 million on revenues of US$3.2 billion for the third quarter of the 2014 fiscal year. Included in the company’s third quarter adjusted net earnings is a US$23.1 million tax benefit related to the refinancing of certain acquisition debt.

For the nine months that ended on 26 June 2015, Jacobs reported adjusted net earnings of US$312.8 million on revenues of US$9 billion. This compares to adjusted net earnings of US$320.8 million on revenues of US$9.5 billion for the nine months ended June 27 last year. The company’s adjusted net earnings for the nine months ended June 26 of this year also includes the US$23.1 million tax benefit mentioned above.

Adjusted net earnings for the third quarter of the 2015 fiscal year exclude the after tax costs related to certain restructuring activities totalling US$30.1 million. Adjusted net earnings for the nine months ending June 26 2015 exclude 2015 restructuring costs which totalled US$39.7 million after tax. Management’s focus in the restructuring efforts is to position Jacobs to better support and enhance profitable growth in the future.

Jacobs has also announced continued strength in total backlog of US$18.8 billion, including a technical professional services component of US$12.2 billion.

Comments

Noel Watson, Jacobs Executive Chairman stated, “we saw good sales progress in our third quarter resulting in near record backlog. Consistent with our views from last quarter, we continue to be cautious in our short term outlook and remain confident in the long term growth potential of our global business.”

Kevin Berryman, CFO at Jacobs said, “we are seeing some of the early benefits of our restructuring plan as we are driving out costs that reflect ongoing savings, aggressively aligning our global operations with the market environment, simplifying our global business in the process and therefore positioning Jacobs to deliver industry leading growth and profitability over the longer term.”

Edited from press release by Claira Lloyd

Read the article online at: https://www.hydrocarbonengineering.com/refining/29072015/jacobs-q3-2015/


 

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