Jacobs Engineering Group Inc. (NYSE:J) Q1 2024 Earnings Call Transcript
Jacobs Engineering Group Inc. (NYSE:J) Q1 2024 Earnings Call Transcript February 6, 2024
J isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the Jacobs Fiscal First Quarter 2024 Earnings Conference Call and Webcast. Today's conference is being recorded. [Operator Instructions]. At this time, I'd like to turn the conference over to Jonathan Evans, VP of Corporate Development and Investor Relations. Please go ahead.
Jonathan Evans: Thank you, Audra. Good morning. Our earnings announcement was filed this morning, and we have posted a slide presentation on our website, which we'll reference during the call. I would like to refer you to Slide 2 of the presentation material for information about our forward-looking statements, non-GAAP financial measures and operating metrics. We have also introduced a new supplement that consolidates certain information, including our non-GAAP financial tables. Additionally, beginning with this quarter, the company will no longer apply an adjustment to adjusted net earnings from continuing operations and adjusted EPS, which previously resulted in the application of the expected annual tax rate to all quarterly periods.
Prior comparable periods are also being presented on this basis. Turning to the agenda on Slide 3. Speaking on today's call will be Jacobs' CEO, Bob Pragada; and CFO, Claudia Jaramillo. Bob will begin by providing an overview of recent activities and summarizing highlights from our first quarter results. Claudia will provide a more in-depth discussion of our financial metrics as well as a review of our balance sheet and cash flow. With that, I'll turn it over to CEO, Bob Pragada.
Robert Pragada: Thank you, Jonathan. Good day, everyone, and thank you for joining us to discuss our first quarter fiscal year 2024 business performance. We continue to prioritize simplifying our business model, optimizing our cost structure and accelerating profitable growth and margin expansion across our lines of business. Our team continues to demonstrate great resilience and dedication as we delivered better-than-expected underlying results in Q1, while also working to the added task of standing up 2 independent companies. At the corporate level, we are diligently working to create a leaner operating model that aligns Jacobs' position as a global leader in delivering science-based digitally-enabled solutions to our clients.
And allowing us to benefit fully from the broad-based strength that we see in global infrastructure and sustainability investments. We are confident that our actions we are taking are providing the foundation for multiyear improvement in profitability and margins, and we look forward to sharing more detail in the quarters to come. Turning to Slide 4. I want to provide a brief update on a few key milestones related to the spin-off and merger of our Critical Mission Solutions in Cyber and Intelligence businesses with momentum. We continue to progress towards closing of the transaction in the second half of fiscal year 2024, consistent with our previous expectations. Together with momentum, we are making progress on preparing our Form 10 and private letter ruling request in keeping with the established time line of the transaction.
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