Jacobs Shares Fall on Earnings MissTuesday, November 19, 2013
Shares of Jacobs Engineering Group Inc. fell nearly 6 percent on Tuesday after the Pasadena company reported fiscal fourth-quarter profit that fell short of analyst forecasts.
After the markets closed on Monday, Jacobs reported net income of nearly $111 million (84 cents a share), up 1 percent from the $107 million (83 cents) reported in the same period a year earlier. The year-earlier quarter included a one-time after-tax gain equivalent to 3 cents a share. Revenue rose 22 percent to $3.14 billion.
Analysts surveyed by Thomson Reuters on average expected Jacobs to report a profit of 88 cents a share on revenue of $3.14 billion.
The company's backlog at the end of the quarter totaled $17.2 billion, 8.2 percent higher than a year earlier. For fiscal 2014, Jacobs expect to report earnings in a range of $3.35 to $3.90 a share. The Wall Street consensus is for $3.78 a share.
Shares on Tuesday closed down $3.72, or 5.8 percent, to $60.03 on the New York Stock Exchange.