Demand boosts Jacobs profit 61%
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Pasadena-based Jacobs Engineering Group Inc. said fiscal first-quarter profit increased 61% on higher demand for energy projects. The company raised its profit forecast for this year.
Net income climbed to $98.4 million, or 79 cents a share, from $61.3 million, or 51 cents, a year earlier. Analysts were expecting 71 cents. Revenue increased 22% to $2.47 billion for the quarter that ended Dec. 31. Jacobs said it might earn $2.95 to $3.25 a share in 2008, more than its Nov. 5 estimate of $2.70 to $3.10.
Demand for energy projects helped fuel a 44% increase in backlog to $15 billion, said Jacobs, the second-largest U.S. engineering company.
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