Jacobs’ Profit Tops 49 Percent

0

Jacobs Engineering Group Inc. said on Tuesday that its first-quarter profit rose more than 49 percent, sending its shares to a 52-week high.


The Pasadena-based engineering firm reported first-quarter net income of $43 million (72 cents per share), compared with $28.9 million (50 cents) for the like period a year earlier. Revenue rose to $1.68 billion from $1.28 billion in the year-prior period.


Before expensing for stock options, the company reported net income of $45.3 million (76 cents per share), compared with $32.5 million (56 cents) for the like period a year earlier.


Analysts expected earnings of 67 cents per share on revenue of $1.49 billion.


Jacobs said its backlog totaled $9 billion at Dec. 31, increasing $1 billion from the year-earlier period’s $8 billion.


The company said it expects earnings growth this year to approach 20 percent, excluding expensing for stock options.


Shares of Jacobs rose 7.7 percent to settle at $77.21 on Tuesday, above its previous 52-week high of $73.29.

No posts to display