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Jacobs Engineering Group Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: January 24, 2013 08:06PM
Jacobs Engineering Group Inc. (JEC) filed Quarterly Report for the period ended 2012-12-28. Jacobs Engineering Group has a market cap of $6.09 billion; its shares were traded at around $46.77 with a P/E ratio of 15.9 and P/S ratio of 0.5. Jacobs Engineering Group had an annual average earning growth of 12.3% over the past 10 years.
Highlight of Business Operations:For the three months ended December 28, 2012, revenues from clients operating in the Oil and Gas—Upstream industry increased $77.8 million, or 54.1%, to $221.6 million from $143.8 million for the corresponding period last year primarily as a result of improvement in the Canadian oil and gas business. The Company expects this market to remain strong during fiscal 2013 as projections continue to show a strong oil price forecast. We also anticipate an increase in our field services activities for clients in this market in the current fiscal year.
For the three months ended December 28, 2012, revenues from clients operating in the Chemicals and Polymers industry increased $81.1 million, or 18.5%, to $520.6 million from $439.5 million for the corresponding period last year. The effect of shale gas projects and the low price of natural gas continues to influence activity in the chemicals market. Because there is now a large source of feedstock available outside refineries which can grow independently of the refining infrastructure, we believe
For the three months ended December 28, 2012, revenues from clients operating in the Pharmaceuticals and Biotechnology industries and markets increased $10.1 million, or 7.8%, to $139.3 million from $129.3 million for the corresponding period last year. This increase was due primarily to a number of new and continuing projects in Europe. Although we view this market as steady, we see growth prospects in the areas of biotechnology-based drug development in Europe and North America and for secondary manufacturing expansion in Asia and South America.
For the three months ended December 28, 2012, revenues from clients operating in the Refining-Downstream industry decreased $67.7 million, or 11.5%, to $522.2 million from $589.9 million for the corresponding period last year. However, a significant amount of pass-through costs for a large U.S. based project that was winding down at the end of fiscal year 2012 were included in revenues in the corresponding prior year period. Not withstanding this decrease, we believe the level of profits realized by our refinery clients will help drive new capital projects, particularly as refiners assess possible changes in their crude slate and the need to revamp decades-old facilities to meet changing demand and the continuing effects of environmental regulations. We had strong sales in this market in the first quarter of fiscal 2013 and believe it will be a strong market in fiscal 2013.
Our operations provided net cash inflows of $246.7 million during the three months ended December 28, 2012. This compares to net cash inflows of $146.2 million for the corresponding period last year. The $100.5 million increase in cash flows from operating activities during the three months ended December 28, 2012 as compared to the corresponding period last year was due primarily to a $52.8 million change relating to our working capital accounts (discussed below), an $18.4 million reduction in pension contributions, and a $13.1 million increase in net earnings attributable to the Group.
Stocks Discussed: JEC,