Jacobs Engineering Exceeds Expectations
Shares of Jacobs Engineering Group Inc. advanced to a record high Tuesday, a day after the Pasadena-based company posted sharply higher fiscal first-quarter earnings that beat Wall Street expectations.
The company posted a profit of $43 million, or 72 cents a share, up from $28.9 million, or 50 cents, a year earlier. Revenue rose to $1.68 billion from $1.28 billion. Jacobs also said its backlog grew by $1 billion year-over-year to $9 billion.
Jacobs said its expected earnings growth this year to approach 20%, excluding expensing for stock options.
Jacob shares jumped 8% to $77.21, up $5.54.
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