Earnings fell at Jacobs Solutions, Dallas, in its third quarter, as the international engineering and construction company refocuses on high-growth areas as it prepares to spin off its government contracting business that will merge with Amentum.
Jacobs announced its quarterly financial results in a Tuesday press release.
The company made a new Securities and Exchange Commission filing on the merger this week and expects the deal to close in the latter half of September, said Jacobs’ CEO Bob Pragada. The merger was announced in November 2023 and the combined Amentum-Jacobs contracting company will be publicly traded. More details could come out at an Amentum investor day next week,
Net earnings for the third quarter ended June 28 were $146 million, or $1.17 a share, down from $164 million, or $$1.29 a share, in the year-ago quarter. Quarterly revenue was $4.23 billion, up year-over-year from $4.19 million.
Quarterly segment operating income for Critical Mission Solutions, where it quarterbacks its government contracting segment that will merge with Amentum was $100 million, up from $99 million a year ago. Segment revenue was $1.16 billion down from $1.19 billion in the year-ago period.
We’re nearing completion of the planned spin-off of our Critical Mission Solutions and Cyber & Intelligence Businesses and merger with Amentum,” said Jacobs’ CEO Pragada. “This major milestone is underscored by the recent public filing of the Form 10 related to the transaction and Amentum’s upcoming Capital Markets Day on August 13.”