Jacobs Reports Solid Earnings

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Jacobs Engineering Group Inc., bolstered by strong order activity, reported earnings Tuesday that exceeded Wall Street expectations.


Second quarter net income hit $67 million (55 cents per share), a 52 percent increase from $44 million (37 cents) for the same period a year earlier. Wall Street analysts polled by Thomson Financial had expected 51 cents per share.


Sales for the Pasadena-based engineering and consulting firm rose 14 percent to $2.1 billion. Jacobs noted that its backlog at the end of the quarter was nearly $11 billion, up 17 percent from $9.1 billion from the same period a year earlier.


Jacobs also raised its 2007 forecast and now sees profit of $2.10 to $2.25 per share, ahead of Wall Street forecasts of $2.13 per share.


Shares in Jacobs were off 27 cents to $15.93 in afternoon trading Tuesday on the New York Stock Exchange.

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