Dallas-based Jacobs said Monday it is “rebranding” itself, but one thing that remains constant is the company’s heavy reliance on the U.S. government for a large chunk of its revenue.
The international provider of construction, business, and technical services is changing its legal name from Jacobs Engineering to Jacobs Solutions, as it puts less emphasis on its construction-related businesses and more on being a “global technology-forward solutions company,” according to the press release for its latest earnings report.
The company’s New York Stock Exchange ticker symbol will change from “JEC” to simply “J” effective Dec. 10.
Internally, Jacobs is changing the name of its Aerospace, Technology, and Nuclear segment – which includes U.S. Energy Department contracts – to Critical Mission Solutions. Jacobs is also renaming its Buildings, Infrastructure, and Advanced Facilities business line as People & Places Solutions.
The changes won’t affect reported financials, line of business leadership, or customer relationships, Jacobs said in the earnings release.
Whatever the business lines are called, the U.S. government has directly or indirectly accounted for 27%, 32%, and 30% of company revenue in fiscal 2019, 2018, and 2017, respectively, it reported.
The rebranded Critical Mission Solutions group brought in $1.3 billion for Jacobs’ fiscal fourth quarter, compared to revenue of less than $1.1 billion in the fourth quarter of 2018. Group revenue for all of fiscal 2019 was $4.55 billion, up from $3.72 billion for the year before.
The Critical Mission Solutions group operating revenue was about $88 million in the most recent quarter, rising from $73 million a year ago. The operating profit was $310 million for the year, compared to $256 million in 2018.
