Earnings rose at Jacobs, Dallas, in the second quarter of its fiscal 2022 year, which the international engineering and construction company attributed to increased demand across virtually all business lines.
Net earnings for the quarter ended April 1 were $89 million, or $0.68 a share, up from net earnings of zero in the year-ago quarter, Jacobs said Tuesday in a press release. Quarterly revenue was $3.8 billion, up year-over-year from $3.5 billion.
Quarterly operating income for the Critical Mission Solutions segment, from which Jacobs directs its Department of Energy and other government contracting business, was $113 million down slightly from the almost $114 million recorded a year ago. Segment revenue was about $1.37 billion, incrementally up from $1.3 billion in the year-ago period.
“We are seeing accelerating demand across all end markets, with incremental opportunities to scale in the areas of Climate Response, Consulting & Advisory and Data Solutions,” Jacobs’ Chair and CEO Steve Demetriou said in the release. “These compelling opportunities are reflected in our results with strong bookings performance during the first half of the fiscal year and 9% backlog growth in the second quarter, which positions us well for the remainder of fiscal 2022.”
Jacobs’ President and CFO Kevin Berryman said the company has repurchased $135 million of shares since the beginning of March.
“Our environmental team has successfully phased in the Idaho Cleanup Project at the Idaho National Laboratory and won the Oak Ridge Reservation Contract to perform environmental remediation work for the Department of Energy in Eastern Tennessee,” Jacobs president and chief operating officer Bob Pragada said during the conference call.
Jacobs is the lead partner in the Idaho Environmental Coalition, which has a potential $6.4-billion remediation contract running through September 2031. It is a minority partner in Amentum-led United Cleanup Oak Ridge, which was scheduled to take over remediation of the site later this month from the incumbent Amentum-Jacobs partnership. The decade-long Oak Ridge cleanup deal could be worth up to $8.3 billion.
Jacobs is the lead partner on smaller contracts at the Paducah Site in Kentucky and the West Valley Demonstration Project in New York.
