Jacobs Engineering Group Inc. reported a 36 percent jump in fiscal first quarter profit, but revenue fell a little short of Wall Street expectations.
The Pasadena company late Wednesday reported net income of $89.7 million (70 cents a share) for the quarter ended Dec. 30, compared with $65.8 million (52 cents) in the same period a year earlier. Revenue rose 11 percent to $2.63 billion.
Analysts surveyed by Thomson Reuters on average expected the company to earn 70 cents a share on revenue of $2.72 billion.
At the end of the quarter, the company had a backlog of work valued at $14.5 billion, 12 percent higher than at the same point a year earlier. About $9.5 billion of that was in technical professional services. As for the current fiscal year, Jacobs maintained its earnings guidance at $2.80 to $3.20 a share. The Wall Street consensus is $3.04.
“The business continues to benefit from improving markets and solid sales and operations performance,” said Chief Executive Craig Martin in a statement. "Our outlook remains positive, as the number and quality of our prospects continue to grow."
Shares were down $1.19, or 2.6 percent, to $45.12 in midday trading Thursday on the New York Stock Exchange.