Jacobs Profit Falls

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Jacobs Engineering Group Inc. reported a third-quarter drop in net income due to lower revenue and a litigation charge.

After the markets closed on Monday, the Pasadena company reported net income of $19 million (15 cents per share), compared with $94.9 million (76 cents per share) a year earlier.

Revenue declined 7 percent to $2.51 billion.

The net income drop was largely due to a third quarter $60.3 million after-tax charge as a result of a court judgment related to a waste incineration project in France.

Excluding the litigation charge, the company reported net income of $79.3 million (63 cents). Analysts surveyed by Thomson Reuters on average expected earnings per share of 60 cents on revenue of $2.59 billion.

“Our project execution was good and our outlook remains guardedly positive going forward,” Chief Executive Craig Martin said in a statement.

Shares were down $2.57, or 6 percent, to $37.40 in midday trading on the New York Stock Exchange.

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