Shares of Jacobs Engineering Inc. gained nearly 8 percent on Tuesday after the company reported fiscal fourth-quarter profit jumped 22 percent. The earnings figure exceeded Wall Street expectations, although revenue fell slightly short.
The Pasadena provider of engineering and construction contract services late Monday reported net income of $94.3 million (74 cents per share) for the quarter ended Sept. 30, compared with $77 million (61 cents) in the same period a year earlier. Revenue rose 16 percent to $2.72 billion.
Analysts surveyed by Thomson Reuters on average expected the company to earn 73 cents per share on revenue of $2.77 billion.
The company reported annual net income of $331 million ($2.60), a 35 percent increase from fiscal 2010. Revenue rose 5 percent to nearly $10.4 billion. As of Sept. 30, Jacobs had an order backlog of $14.3 billion, 8 percent higher than at the same point a year earlier.
“Our prospects for Fiscal 2012 are continuing to improve,” Chief Executive Craig L. Martin said in a statement. “While much depends on economic conditions and our sales success, we have a great opportunity to return to our traditional strong double digit growth."
For fiscal 2012, the company said it expects to earn between $2.80 and $3.20 per share. The Wall Street consensus is $3.02.
Shares closed up $3.09, or 7.9 percent, to $41.71 on the New York Stock Exchange.