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Non-Tech : Jacobs Engineering Group, Inc. (JEC)
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From: JakeStraw2/8/2017 7:49:58 AM
   of 604
 
Jacobs Engineering Group Inc. Reports Earnings for the First Quarter of Fiscal 2017
finance.yahoo.com

First Quarter Fiscal 2017 Highlights:

Q1 2017 U.S. GAAP net earnings of $61M, or $0.50 per share, up 30% from FY16Q1;

Q1 2017 adjusted net earnings of $83M, or $0.68 per share, in line with our expectations;

Backlog of $18.1B; Highest professional services backlog in seven quarters;

Restructuring effort supporting a 13% reduction in U.S. GAAP G&A

Cash flows from operations of $105 million for the quarter, versus $27 million in the year-ago quarter;

Repurchased 0.6M shares during first quarter for $30 million.

Commenting on the results for the first quarter 2017, Steve Demetriou, Jacobs Chairman and CEO, said, "This quarter marked our transition from nearly two years of significant cost restructuring and organizational realignment to a priority focus on profitable top-line growth. Although revenue continued to be pressured by prior year market challenges, we are pleased with the strong sales bookings during the quarter and the robust pipeline of opportunities that fit our skill sets and strategy. The continuing growth in our higher margin professional services backlog, the largest reported in 21 months, demonstrates the benefits of our disciplined approach on leveraging synergies across the company to drive more profitable work. Additionally, this success in winning front end engineering opportunities positions us well for full service delivery in subsequent phases of the projects."
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