Jacobs Engineering Exceeds Expectations

From Associated Press

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.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World