Jacobs Engineering Group Inc. reported a 9 percent decrease in fiscal first quarter earnings, but raised its guidance for the coming year.
Late Monday, the Pasadena engineering company reported net income of $65.8 million (52 cents), compared with $72.4 million (58 cents) a year ago. Revenue fell 4.8 percent to $2.36 billion.
Analysts surveyed by Thomson Reuters on average expected the company to earn per-share profit 59 cents a share on revenue of $2.38 billion.
While the earnings for the quarter weren’t as strong as we would like, there is much to be positive about in the first quarter,” Chief Executive Craig Martin said in a statement. “Technical professional services backlog is up quarter over quarter and our prospects are strengthening in a number of markets.”
Jacobs provides construction and maintenance services in the chemical, petroleum, pharmaceutical industries and government agencies. The company raised its fiscal 2011 earnings outlook from $2.30-$2.80 a share to $2.40-$2.85, reflecting the addition of revenue from its previously announced acquisition of part of Aker Solutions. Analysts were expecting earnings of $2.54 a share.
Shares on Tuesday closed down 83 cents, or 1.6 percent, to $49.49 on the New York Stock Exchange after earlier falling more than 4 percent.