Los Angeles Business Journal

Jacobs’s Quarter Misses Expectations

By Deborah Crowe Tuesday, May 1, 2012

Shares of Jacobs Engineering Group Inc. fell 5 percent on Tuesday after the company trimmed its full-year guidance and reported fiscal second-quarter earnings that missed Wall Street forecasts.

The Pasadena provider of technical, professional, and construction services late Monday reported net income of $83.9 million (65 cents a share), compared with $80.3 million (63 cents) for the same period a year earlier.

Revenue rose 5.5 percent to $2.7 billion. The company’s backlog of work at the end of the quarter was $15.1 billion.

Analysts surveyed by Thomson Reuters on average expected the company to report net income of 74 cents a share on revenue of $2.78 billion.

"While this quarter’s earnings were disappointing, the outlook remains positive,” said Chief Executive Craig Martin in a statement, noting that the backlog is up 7.8 percent from a year earlier. “Our prospects are strong and we anticipate a very good year from a sales perspective."

Even so, the company lowered the top end of its prior annual earnings guidance to a range of $2.80 to $3 a share, compared with its earlier outlook of $2.80 to $3.20. Analysts on average had been anticipating earnings of $3.04 a share.

Shares closed down $2.26, or 5 percent, to $41.57 on the New York Stock Exchange.