Jacobs Engineering Group, Inc. (JEC) Misses Q2 EPS by 7c; Guides Lower

Jacobs Engineering Group, Inc. (NYSE: JEC) reported Q2 EPS of $0.82, $0.07 worse than the analyst estimate of $0.89. Revenue for the quarter came in at $3.2 billion versus the consensus estimate of $3.32 billion.

Jacobs Engineering Group, Inc. sees FY2014 EPS of $3.15-$3.55, versus the consensus of $3.66.

Commenting on the results for the second quarter, Jacobs President and CEO Craig Martin stated, “While second quarter results included several unusual items, the underlying fundamentals of the business remain sound as demonstrated by our record backlog. As we look forward, the overall business continues to perform well in a good market, and we see many opportunities. Also, we are pleased with the benefits we are realizing from our recent acquisitions, including recent wins based on combined offerings of Jacobs’ and acquired companies’ capabilities.

“Importantly, there are significant opportunities to accelerate savings from the integration of SKM and to reduce structural costs, especially in Europe. To maximize these cost saving benefits and maintain a competitive cost structure overall, we have started a number of restructuring initiatives that are expected to impact FY14. We expect these actions to result in significant savings in FY15 and thereafter. Overall, the strength of the business, as well as the savings and benefits of our recent acquisitions, positions us for excellent future growth and profitability.”

Commenting on the Company’s earnings outlook for the remainder of fiscal 2014, Jacobs Chief Financial Officer John W. Prosser, Jr. stated, “Excluding the impact of unusual items in the first half and second half restructuring expenses, we are revising our guidance for FY14 to a range of $3.15 to $3.55 per share.”

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

You May Also Be Interested In

• Nomura/Instinet Upgrades Genting Singapore (GENS:SP) (GIGNY) to Neutral
• Jernigan Capital (JCAP) Tops Q2 EPS by 5c
• Bio-key International, Inc. (BKYI) Tops Q2 EPS by 24c