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Jacobs Engineering Group Inc. Reports Operating Results (10-Q)

May 02, 2012 | About:
10qk

10qk

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Jacobs Engineering Group Inc. (JEC) filed Quarterly Report for the period ended 2012-03-30.

Jacobs Engin Gr has a market cap of $5.63 billion; its shares were traded at around $41.86 with a P/E ratio of 15.8 and P/S ratio of 0.5. Jacobs Engin Gr had an annual average earning growth of 13.2% over the past 10 years. GuruFocus rated Jacobs Engin Gr the business predictability rank of 3.5-star.

Highlight of Business Operations:

Total revenues for the second quarter of fiscal 2012 increased by $144.8 million, or 5.7%, to $2.70 billion compared to $2.56 billion for the second quarter of fiscal 2011. For the six months ended March 30, 2012, total revenues increased $420.4 million, or 8.6%, to $5.3 billion, compared to $4.9 billion for the corresponding period last year.

For the three months ended March 30, 2012, revenues from clients operating in the Chemicals and Polymers industries and markets increased $82.1 million, or 24.7%, to $414.8 million from $332.8 million for the corresponding period last year. For the six months ended March 30, 2012, revenues from clients operating in the Chemicals and Polymers industries increased $266.2 million, or 45.3%, to $854.3 million from $588.1 million for the corresponding period last year. These increases were due primarily to higher business volume principally from the Company's operations in the U.S. and Canada.

For the three months ended March 30, 2012, revenues from clients operating in the Refining-Downstream market increased $112.4 million, or 22.7%, to $607.9 million from $495.5 million for the corresponding period last year. For the six months ended March 30, 2012, revenues from clients operating in this industry increased $94.9 million, or 8.6%, to $1.2 billion from $1.1 billion for the corresponding period last year. These increases were due primarily to higher business volume principally within the Company's operations in the U.S.

For the three months ended March 30, 2012, revenues from clients operating in the Pharmaceuticals and Biotechnology industries and markets increased $63.5 million, or 70.1%, to $154.0 million from $90.5 million for the corresponding period last year. For the six months ended March 30, 2012, revenues from clients operating in these industries and markets increased $97.0 million, or 52.1%, to $283.2 million from $186.2 million for the corresponding period last year. These increases were due primarily to a number of new and continuing projects including projects relating to vaccine production facilities.

Direct costs of contracts for the second quarter of fiscal 2012 increased $107.8 million, or 5.0%, to $2.3 billion as compared to $2.2 billion for the corresponding period last year. Direct costs of contracts for the six months ended March 30, 2012 increased $293.4 million, or 7.0%, to $4.5 billion as compared to $4.2 billion for the corresponding period last year. Direct costs of contracts include all costs incurred in connection with and directly for the benefit of client contracts, including depreciation and amortization relating to assets used in connection with providing the services required by client projects. The level of direct costs of contracts may fluctuate between reporting periods due to a variety of factors including the amount of pass-through costs we incur during a period. On those projects where we are responsible for subcontract labor or third-party materials and equipment, we reflect the amounts of such items in both revenues and costs (and we refer to such costs as “pass-through costs”). On other projects, where the client elects to pay for such items directly and we have no associated responsibility for such items, these amounts are not considered pass-through costs and are, therefore, not reflected in either revenues or costs. To the extent that we incur a significant amount of pass-through costs in a period, our direct cost of contracts are likely to increase as well.

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