Dallas-based Jacobs, a major Department of Energy contractor, enjoyed revenue growth for both its fourth quarter and the entire fiscal 2020, which ended Oct. 2, the company said Tuesday.
Quarterly revenue came in at $3.5 billion slightly up from the $3.4 billion taken in during the same period a year ago. For the year the engineering, procurement and construction company took in $13.6 billion, up from $12.7 billion in fiscal 2019.
Net earnings for the quarter from continuing operations were $70 million or $0.53 per diluted share, up from the $22 million or $0.16 per share recorded in the fourth quarter of 2019. Yearly net earnings from continuing operations amounted to $354 million or $2.67 per diluted share, whereas the 2019 figures were $291 million and $2.09 per share.
Those figures exclude costs related to Jacobs’ 2019 sale of its energy, chemicals and resources business to Worley Limited of Australia, in a cash-and-stock transaction worth about $3.5 billion. Excluding those and other considerations related to a corporate restructuring, Jacobs said its continuing operations would have generated the equivalent of $214 million in earnings for the 2020 fourth quarter, up from $201 million in the 2019 quarter.
Jacobs Critical Mission Solutions group, which includes business development and corporate reachback services for Department of Energy business, brought in $1.32 billion for the quarter, up from $1.3 billion last time around, according to the latest earnings press release. For the year, the group hauled in $4.96 billion, compared with $4.55 billion for fiscal 2019.
Jacobs has been acquisitive in the nuclear space over the past several years, purchasing CH2M Hill in 2017, and scooping up of the U.K.-based John Wood Group in March.
Jacobs is the lead in Four Rivers Nuclear Partnership, the decommissioning contractor at the Paducah Site in Kentucky as well as the West Valley Demonstration Project in New York. It is also a minority partner in other projects, such as the cleanup agreement at the Oak Ridge Site in Tennessee as well as the liquid waste management at the Savannah River Site in South Carolina.
Jacobs subsidiary CH2M Plateau Remediation is winding down its term as contractor for the Central Plateau Cleanup at the DOE’s Hanford Site in Washington state. The new remediation team, Amentum-led Central Plateau Cleanup, is scheduled to take over effective Jan. 24.
Jacobs is also a partner on the Honeywell-led Mission Support and Test Services, the prime contractor for the National Nuclear Security Administration’s Nevada National Security Site. The semi autonomous DOE agency still uses the former Nevada Test Site, which hosted underground nuclear-explosive tests until the 1990s, for subcritical plutonium detonations.
Jacobs was scheduled to discuss its financial results with Wall Street analysts at 10 a.m. Eastern Time, after deadline for Weapons Complex Morning Briefing. A webcast of the event is available on the investors section of the company’s website.
