Research Desk Line-up: AECOM Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 30, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Jacobs Engineering Group Inc. (NYSE: JEC), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=JEC, following the Company's announcement of its third quarter fiscal 2017 operating results on August 08, 2017. The construction and technical services Company outperformed earnings expectations and also updated its guidance for FY17. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the Technical Services industry. Pro-TD has currently selected AECOM (NYSE: ACM) for due-diligence and potential coverage as the Company reported on August 08, 2017, its financial results for Q3 FY17. Register for a free membership today, and be among the early birds that get access to our report on AECOM when we publish it.
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Jacobs reported revenue of $2.51 billion for the third fiscal quarter ended June 30, 2017, compared to revenues of $2.69 billion for the third fiscal quarter ended July 01, 2016. The Company's revenue numbers fell short of analysts' expectations of $2.53 billion.
For Q3 FY17, Jacobs recorded gross margin improvement of over 150 basis points to 18.3% on a y-o-y basis, driven by strong project execution and increased focus on more profitable business. The Company reported operating profit of $128.48 million compared to $109.56 million in Q3 FY16.
Jacobs reported net earnings of $89.0 million, or $0.74 per share, for Q3 FY17 compared to net earnings of $69.1 million, or $0.57 per share, for Q3 FY16. The Company's net earnings for the reported quarter included approximately $6.3 million, or $0.05 per share, in after-tax restructuring and other charges, while its Q3 FY16 results included approximately $25.8 million, or $0.21 per share, in charges related to the 2015 restructuring.
Excluding restructuring and other charges, Jacobs' adjusted net earnings totaled $95.3 million, or $0.79 per share, for Q3 FY17, which was favorable compared to $94.8 million, or $0.78 per share, for the corresponding period for 2016. The Company's earnings surpassed Wall Street's estimates of $0.78 per share.
Jacobs' Segment Results
During Q3 FY17, the Aerospace & Technology segment generated revenue of $585.43 million compared to revenue of $667.79 million in Q3 FY17. The segment's operating profit totaled $50.59 million compared to $53.74 million in the year ago corresponding period.
During Q3 FY17, the Buildings & Infrastructure division recorded revenue of $647.25 million compared to $553.55 million in Q3 FY16. The segment's operating profit came in at $56.17 million compared to $50.17 million in the prior year's same quarter.
As of June 30, 2017, Jacobs' total backlog was $18.6 billion representing a book-to-bill of 1x, including a professional services component of $12.6 billion compared to total backlog of $18.3 billion and a professional services component of $11.9 billion for the corresponding period of last year.
For Q3 FY17, Jacobs generated cash flow from operations of $179.5 million. Additionally, during the reported quarter, the Company repurchased 0.3 million shares of common stock at a total cost of $16.0 million and paid dividends of $18.0 million.
For FY17, Jacobs is forecasting to deliver adjusted earnings per share of $3.00-$3.15, including transaction costs associated with its acquisition of CH2M of approximately $0.07 per share.
On Tuesday, August 29, 2017, Jacobs Engineering's stock closed the trading session at $53.17, rising 1.80% from its previous closing price of $52.23. A total volume of 1.01 million shares were exchanged during the session, which was above the 3-month average volume of 854.38 thousand shares. Shares of the Company have a PE ratio of 28.18 and have a dividend yield of 1.13%. The stock currently has a market cap of $6.32 billion.
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SOURCE: Pro-Trader Daily