Dallas-based Jacobs Engineering brought in $3.1 billion in revenue during the quarter ended Dec. 31, 73 percent higher than the $1.8 billion reported for the same period one year earlier
Jacobs, which has a wide footprint in the Energy Department nuclear cleanup complex through subsidiary CH2M, reported earnings today for the first quarter of its fiscal 2019, which began on Oct. 1.
The company recorded quarterly net earnings of $124 million and earnings per share of $0.86. The numbers are dramatically increased from $2 million and $0.02 EPS for the first quarter of fiscal 2018. Jacobs also reported operating profit of $113 million during the latest quarter, compared to a $4.6 million loss during the same period a year earlier.
Jacobs’ Aerospace, Technology, Environmental, and Nuclear segment, which houses its DOE cleanup ventures, showed an operating profit of $72.1 million for the quarter, up from $61 million on a year-over-year basis. The segment reported revenue of $1 billion, up from $710 million during the first quarter of fiscal 2018.
Company-wide earnings were helped by the anticipated June closure of the sale of its Energy, Chemicals, and Resources business to Australian engineering company WorleyParsons, as well as corporate restructuring connected to the December 2017 purchase of CH2M. WorleyParsons agreed in October to buy the Jacobs ECR business in a transaction valued at $3.3 billion.
“We have demonstrated a track record of disciplined capital deployment by accelerating profitable growth and scale through the acquisition of CH2M, transforming our portfolio with the announced divestiture of our Energy, Chemicals and Resources business and opportunistically buying back shares – all while on track to exceed our 3-year financial commitments made in 2016,” said Jacobs Chairman and CEO Steve Demetriou in the earnings press release.
Jacobs holds several DOE environmental remediation awards under its own name or through CH2M. It leads the Four Rivers Nuclear Partnership, which has a 10-year, $1.5 billion remediation contract at the Paducah Site in Kentucky. It also leads the $544 million CH2M Hill BWXT West Valley contract in New York and has the $5.8 billion CH2M Hill Central Plateau cleanup contract at the Hanford Site in Washington state.
