Jacobs Engineering (JEC) Tops Q1 EPS by 9c; Confirms Outlook

Jacobs Engineering (NYSE: JEC) reported Q1 EPS of $0.78, $0.09 better than the analyst estimate of $0.69. Revenue for the quarter came in at $2.8 billion versus the consensus estimate of $3 billion.

GUIDANCE:

Jacobs Engineering sees FY2016 EPS of $2.80-$3.30, versus the consensus of $3.08.

Commenting on the results for the first quarter of fiscal 2016, Jacobs President and CEO Steve Demetriou stated, “Despite strong headwinds in certain sectors and a challenging macro-economic environment, we delivered results aligned with our expectations. This performance was due to our diverse portfolio of customers, geographic footprint and improvements in project delivery execution. Our performance was also supported by our efforts to realign our business and streamline operations, which continues to benefit the Company and right-sizes it in light of current economic conditions."

Commenting on the Company’s reorganization and its earnings outlook, Jacobs Chief Financial Officer Kevin Berryman stated, “The Company remains on track to implement revised segment reporting for our Q2 results, given that the company has begun managing its operations during Q2 along the previously announced four lines of business: Petroleum & Chemicals, Building & Infrastructure, Aerospace & Technology, and Industrial. Regarding our outlook, although the Company met expectations in the quarter, continuing challenges in certain end-markets require us to remain cautious as to our near-term outlook. Considering the benefits we're realizing from our recent restructuring activities, we are confirming our fiscal 2016 adjusted EPS range of $2.80 to $3.30, including the discrete international tax item."

For earnings history and earnings-related data on Jacobs Engineering (JEC) click here.

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