Earnings rose at Jacobs, Dallas, in the first quarter of fiscal 2024, which the global engineering, procurement and construction company attributed partly to international infrastructure projects.
Tuesday’s press release marked the first earnings results from Jacobs since the company’s Nov. 20 announcement of a plan to merge its government contracting and cyber business lines with Virginia-based Amentum.
“We are pleased with the progress we continue to make toward the merger of our Critical Mission Solutions (CMS) and Cyber & Intelligence businesses with Amentum as we look to stand up two independent companies,” Jacobs’ CEO Bob Pragada said in the press release. The deal is expected to close in the second half of fiscal 2024 and, until complete, Jacobs continues to report on the businesses under continuing operations.
Net earnings for the first quarter ended Dec. 29 were $172 million, or $1.37 a share, up from $136 million, or $1.07 a share, in the year-ago quarter. Quarterly revenue was $4.2 billion, up year-over-year from $3.8 billion.
Quarterly segment operating income for the Critical Mission Solutions segment to be spun off to Amentum, which includes the Department of Energy business, was $93 million, up from $82 million a year ago. Segment revenue was $1.3 billion, up from $1.1 billion in the year-ago period.
Pre-merger Jacobs already directs joint ventures in charge of environmental work at DOE’s Idaho National Laboratory, the Paducah Site in Kentucky and the West Valley Demonstration Project in New York. It also has major contracts with NASA and the DOE’s semiautonomous National Nuclear Security Administration.
Jacobs planned to discuss quarterly financial results in a conference call with Wall Street analysts scheduled for 10 a.m. Eastern Time. A link to audio of the earnings call can be found here.
