Jacobs Reports Strong Year-Over-Year Operating Profit Growth
Recognizes Gain From Early Stage Investment in AI Software Provider C3.ai
Delivers on Sustainability Commitment to Achieve Net Carbon Zero in 2020
Announces Favorable PA Consulting Shareholder Vote
Increases Midpoint of Fiscal 2021 Adjusted EBITDA and Adjusted EPS Outlook
DALLAS, TX (STL.News) Jacobs Engineering Group Inc. (NYSE: J) today announced its financial results for the fiscal first quarter ended January 1, 2021.
Q1 2021 Highlights:
- Revenue of $3.4 billion1 grew 0.6% year-over-year; net revenue flat pro format
- EPS from continuing operations of $1.96 up 47% year-over-year
- Adjusted EPS from continuing operations of $1.41 up 17% year-over-year
- Backlog increased $2.4 billion to $25.1 billion, up 11% year-over-year and up 7% on a pro forma basis
- Strong cash flow from operations and free cash flow of $112.6M and $95.9M, respectively
- Increases midpoint of fiscal 2021 adjusted EBITDA and adjusted EPS outlook2
Jacobs’ Chair and CEO Steve Demetriou commented, “I am very pleased with our strong first-quarter results, including robust cash flow. The key to delivering this performance is our people, who are aligned toward our common purpose of creating a more connected, sustainable world to drive success for all Jacobs’ stakeholders. As part of our PlanBeyond sustainability strategy, we are proud to announce that we delivered on our commitment to achieve 100% renewable energy for our operations and net-zero carbon in 2020.” Demetriou continued, “Importantly, we continue to help our clients integrate sustainable, low-carbon solutions into their operations, helping them to maximize societal, environmental and economic benefits.”
Jacobs’ President and CFO Kevin Berryman added, “We have demonstrated success transforming our portfolio both organically and by utilizing our balance sheet to accelerate our alignment to a diverse set of high-value sectors. Given our solid start to the year, we are increasing the midpoint of our full-year guidance for the fiscal year 2021, excluding PA Consulting. Looking forward, we see opportunities to further invest in technology-focused solutions that enable continued organic profitable growth.”
NOTE: This is NOT the complete release.