Jacobs’ Net Income Edges Up
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Jacobs Engineering Group Inc. said Monday that net income was $35.7 million, or 61 cents a share, in the quarter ended March 31, little changed from net income of $34.8 million, or 61 cents, a year earlier.
The Pasadena-based company said revenue in its second fiscal quarter was $1.4 billion, up 23% from a year earlier.
Earnings matched the average estimate of 61 cents a share of analysts surveyed by Thomson First Call.
Profit from operations was up 9.2% from a year earlier, but higher interest costs and other expenses pared the bottom line.
Chief Executive Noel G. Watson said that the quarter was “in line” with management’s expectations and that the engineering and consulting company continued to book new work “at a solid pace.” Jacobs said its backlog of work rose to $8.2 billion, up nearly 14% from a year earlier.
Jacobs Chief Financial Officer John W. Prosser Jr. said the company expected to earn $2.44 to $2.62 a share in fiscal 2005. Previously, Jacobs had said full-year earnings would be $2.40 to $2.70 a share.
Jacobs stock closed Monday at $51.40, up $1.37, on the New York Stock Exchange, before the results were announced.
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