Earnings from operations dipped at Jacobs, Dallas, in the third quarter of fiscal 2021, which the international engineering and construction company attributed in part to a non-cash valuation connected with its March purchase of the majority stake in PA Consulting.
Net earnings for the third quarter ended July 2 were $165 million, or $0.82 a share, down from $227 million or $1.73 a share, in the year-ago quarter, Jacobs said in a press release issued this morning before the markets opened.
Quarterly revenue rose, however, to $3.0 billion from $2.7 billion a year ago.
Quarterly segment revenue for Critical Mission Solutions, the business unit that oversees contract work for the Department of Energy, remained flat at a little more than $1.2 billion. Looking at the past nine months, the segment’s revenue is $3.8 billion as opposed to $3.6 billion for the nine-month period a year earlier.
Out on the weapons complex, DOE has said the Jacobs-led Idaho Environmental Coalition joint venture should take over cleanup at the Idaho National Laboratory from a Fluor subsidiary around Jan. 1. Transition is scheduled to begin Oct. 1. The potential 10-year, $6.4-billion contract was awarded in May.
“We believe we are entering an attractive growth period for Jacobs, driven by strong global trends in infrastructure modernization, energy transition, national security and a potential super-cycle in global supply chain investments,” Jacobs CEO Steve Demetriou.
Jacobs was scheduled to hold its quarterly earnings call with Wall Street analysts this morning at 10 a.m. Eastern Time, after the deadline for Weapons Complex Morning Briefing.
