Jacobs Beats Profit Expectations, Trims Outlook

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Growth in its field-services unit helped Jacobs Engineering Group Inc. report a higher fiscal first quarter profit Tuesday, beating Wall Street expectations. But the construction services provider lowered the upper end of its 2009 earnings outlook, citing market uncertainty.

Pasadena-based Jacobs reported net income of $116.4 million (94 cents a share), compared with net income of $98.4 million (79 cents) a year ago. Revenue rose 24 percent to $3.23 billion, with field services revenue up 33 percent to $1.7 billion.

Analysts surveyed by Reuters Estimates, on average, expected earnings of 89 cents a share, before one-time charges, on revenue of $3.12 billion. Jacobs said the quarter included an after-tax gain of $5.4 million, or 4 cents a share, from the sale of its interest in a company.

For fiscal 2009, the company expects to earn $3.55 to $3.90 a share, compared with its prior view of $3.55 to $4.05. During the fiscal first quarter, the company cut $840 million in revenue from its backlog, citing customer cancellations.

“It is a challenging business environment, but the company has performed well,” said Chief Executive Craig L. Martin in a statement.

Jacobs shares were up $1.44, or 3.6 percent, to $42 in morning trading on the New York Stock Exchange.

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