Jacobs Engineering Group Inc. (JEC, Financial) filed Quarterly Report for the period ended 2009-06-30.
Jacobs Engineering Group Inc. is one of the largest professional service firms in the United States providing engineering design and consulting services; construction and construction management services; and process plant maintenance services to a broad range of industrial commercialand governmental clients. The Company provides its services through offices and subsidiaries located throughout the United States the United Kingdom and Ireland as well as through affiliated entities located throughout Europe and India. Jacobs Engineering Group Inc. has a market cap of $4.89 billion; its shares were traded at around $39.57 with a P/E ratio of 10.9 and P/S ratio of 0.5. Jacobs Engineering Group Inc. had an annual average earning growth of 15.4% over the past 10 years. GuruFocus rated Jacobs Engineering Group Inc. the business predictability rank of 4.5-star.
Net earnings for the nine months ended June 30, 2009 totaled $320.5 million compared to $306.4 million for the first nine months of fiscal 2008 ended June 30, 2008. Diluted earnings per share for the nine months ended June 30, 2009 totaled $2.58 compared to $2.46 for corresponding period last year. Included in net earnings for the nine months ended June 30, 2008 was a one time-gain of $5.4 million, or $0.04 per diluted share, from the sale of the Companys interest in a company that provides specialized operations and maintenance services.
During the first nine months of fiscal 2009, our cash and cash equivalents increased by $455.0 million to $1.1 billion at June 30, 2009. This compares to a net decrease in cash and cash equivalents of $77.1 million, to $536.2 million, during the corresponding period last year. During the nine months ended June 30, 2009, we experienced net cash inflows of $481.2 million from operating activities, $27.2 million from financing activities and $1.0 million from the effects of exchange rate changes. These inflows were offset in part by net cash outflows of $54.3 million from investing activities.
We used $54.3 million of cash and cash equivalents for investing activities during the nine months ended June 30, 2009 compared to $320.6 million during the corresponding period last year. The $266.2 million decrease in cash used for investing activities for the nine months ended June 30, 2009 as compared to the corresponding period last year was due primarily to a $235.3 million decrease in cash used for acquisitions of businesses (net of cash acquired), a $36.8 million change in other noncurrent assets, and a $41.7 million decrease in cash used to purchase property and equipment (net of disposals). These activities were offset in part by a $47.6 million change in investments, net (included in this change is $14.1 million of cash received in connection with the sale of our interest in a company that provides specialized operations and maintenance services during the first quarter of the previous fiscal year).
Our financing activities resulted in net cash inflows of $27.2 million during the nine months ended June 30, 2009. This compares to net cash inflows of $61.6 million during the corresponding period last year. The $34.4 million net decrease in cash flows from financing activities during the nine months ended June 30, 2009 as compared to the corresponding period last year was due primarily to a $44.6 million decrease in cash flows attributable to issuances of common stock (including the related excess tax benefits), and a $32.0 million change in cash flows relating to our long-term borrowing activities. These decreases in cash flows were offset in part by a $37.8 million net increase in cash flows relating to our short-term borrowing activities and a $4.4 million change relating to our other, long-term deferred liabilities.
$1.1 billion in cash and cash equivalents at June 30, 2009, compared to $604.4 million at September 30, 2008. Our consolidated working capital position at June 30, 2009 was $1.5 billion, an increase of $293.5 million from September 30, 2008. We have a long-term, unsecured, revolving credit facility providing up to $290.0 million of debt capacity, under which $13.3 million was utilized at June 30, 2009 in the form of direct borrowings. While our access to capital has not been severely affected by the credit crisis currently impacting global markets, we believe the full effect of the crisis may increase our borrowing costs in the future. We believe that the capacity, terms and conditions of our long-term revolving credit facility, combined with other committed and uncommitted facilities we have in place, are adequate for our working capital and general business requirements.
Read the The complete ReportJEC is in the portfolios of Kenneth Fisher of Fisher Asset Management, LLC, Kenneth Fisher of Fisher Asset Management, LLC, Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc.
Jacobs Engineering Group Inc. is one of the largest professional service firms in the United States providing engineering design and consulting services; construction and construction management services; and process plant maintenance services to a broad range of industrial commercialand governmental clients. The Company provides its services through offices and subsidiaries located throughout the United States the United Kingdom and Ireland as well as through affiliated entities located throughout Europe and India. Jacobs Engineering Group Inc. has a market cap of $4.89 billion; its shares were traded at around $39.57 with a P/E ratio of 10.9 and P/S ratio of 0.5. Jacobs Engineering Group Inc. had an annual average earning growth of 15.4% over the past 10 years. GuruFocus rated Jacobs Engineering Group Inc. the business predictability rank of 4.5-star.
Highlight of Business Operations:
Net earnings for the third quarter of fiscal 2009 ended June 30, 2009 totaled $94.9 million compared to $108.7 million for the third quarter of fiscal 2008 ended June 30, 2008. Diluted earnings per share for the third quarter of fiscal 2009 totaled $0.76 compared to $0.87 for corresponding period last year.Net earnings for the nine months ended June 30, 2009 totaled $320.5 million compared to $306.4 million for the first nine months of fiscal 2008 ended June 30, 2008. Diluted earnings per share for the nine months ended June 30, 2009 totaled $2.58 compared to $2.46 for corresponding period last year. Included in net earnings for the nine months ended June 30, 2008 was a one time-gain of $5.4 million, or $0.04 per diluted share, from the sale of the Companys interest in a company that provides specialized operations and maintenance services.
During the first nine months of fiscal 2009, our cash and cash equivalents increased by $455.0 million to $1.1 billion at June 30, 2009. This compares to a net decrease in cash and cash equivalents of $77.1 million, to $536.2 million, during the corresponding period last year. During the nine months ended June 30, 2009, we experienced net cash inflows of $481.2 million from operating activities, $27.2 million from financing activities and $1.0 million from the effects of exchange rate changes. These inflows were offset in part by net cash outflows of $54.3 million from investing activities.
We used $54.3 million of cash and cash equivalents for investing activities during the nine months ended June 30, 2009 compared to $320.6 million during the corresponding period last year. The $266.2 million decrease in cash used for investing activities for the nine months ended June 30, 2009 as compared to the corresponding period last year was due primarily to a $235.3 million decrease in cash used for acquisitions of businesses (net of cash acquired), a $36.8 million change in other noncurrent assets, and a $41.7 million decrease in cash used to purchase property and equipment (net of disposals). These activities were offset in part by a $47.6 million change in investments, net (included in this change is $14.1 million of cash received in connection with the sale of our interest in a company that provides specialized operations and maintenance services during the first quarter of the previous fiscal year).
Our financing activities resulted in net cash inflows of $27.2 million during the nine months ended June 30, 2009. This compares to net cash inflows of $61.6 million during the corresponding period last year. The $34.4 million net decrease in cash flows from financing activities during the nine months ended June 30, 2009 as compared to the corresponding period last year was due primarily to a $44.6 million decrease in cash flows attributable to issuances of common stock (including the related excess tax benefits), and a $32.0 million change in cash flows relating to our long-term borrowing activities. These decreases in cash flows were offset in part by a $37.8 million net increase in cash flows relating to our short-term borrowing activities and a $4.4 million change relating to our other, long-term deferred liabilities.
$1.1 billion in cash and cash equivalents at June 30, 2009, compared to $604.4 million at September 30, 2008. Our consolidated working capital position at June 30, 2009 was $1.5 billion, an increase of $293.5 million from September 30, 2008. We have a long-term, unsecured, revolving credit facility providing up to $290.0 million of debt capacity, under which $13.3 million was utilized at June 30, 2009 in the form of direct borrowings. While our access to capital has not been severely affected by the credit crisis currently impacting global markets, we believe the full effect of the crisis may increase our borrowing costs in the future. We believe that the capacity, terms and conditions of our long-term revolving credit facility, combined with other committed and uncommitted facilities we have in place, are adequate for our working capital and general business requirements.
Read the The complete ReportJEC is in the portfolios of Kenneth Fisher of Fisher Asset Management, LLC, Kenneth Fisher of Fisher Asset Management, LLC, Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc.
