Los Angeles Business Journal

Jacobs Engineering Hits 52-Week High

By Deborah Crowe Friday, January 25, 2013

Shares of Jacobs Engineering Group Inc. ended the week at a 52-week high, as the engineering and construction services company continued to benefit from a better-than-expected quarterly report earlier this week.

The Pasadena company late Wednesday reported fiscal first quarter net income of $99 million (76 cents a share) 10 percent higher than in the same period a year earlier. Revenue rose 5 percent to $2.76 billion.

The profit was better than Wall Street expected, although revenue was lower than expected. Analysts surveyed by Thomson Reuters on average expected the company to report earnings of 75 cents a share on revenue of $2.84 billion.

Jacobs also maintained its guidance for the year, which was in-line with expectations. Its backlog at the end of the quarter was $16.2 billion, 12 percent higher than a year earlier.

“We see continuing growth in a number of key markets and multiple opportunities for increasing market share,” Chief Executive Craig Martin said in a statement.

Shares, which closed up 1.5 percent on Thursday, gained more than 3 percent on Friday to close at a 52-week high of $48.46 on the Nasdaq.