Jacobs Reports Fiscal Fourth Quarter Earnings
DALLAS, Nov. 20, 2018 /PRNewswire/ -- Jacobs (NYSE:JEC) today announced its financial results for the fiscal fourth quarter and fiscal year ended September 28, 2018.
Highlights:
-- Q4 2018 revenue of $4.1 billion grew 56% year-over-year, up 7% on a pro
forma basis
-- Q4 2018 operating profit margin and adjusted operating profit margin up
over 130 bps year-over-year
-- Q4 2018 EPS of $(0.16) and fiscal 2018 EPS of $1.28, impacted by tax
reform and CH2M acquisition related charges
-- Q4 2018 adjusted EPS of $1.31 up 34% year-over-year, fiscal 2018
adjusted EPS of $4.47 up 38%
-- Q4 gross debt declined a further $194 million versus Q3, reducing gross
debt to adjusted EBITDA to 1.7x
-- Portfolio transformation accelerated with announced $3.3 billion sale of
Energy, Chemicals and Resources business
-- Fiscal 2019 expectation reaffirmed for $920 million to $1 billion of
adjusted EBITDA(1), excluding ECR results
"This was an exciting year at Jacobs. We accelerated our profitable growth strategy with the acquisition of CH2M and continued to transform the portfolio with the announced sale of our ECR business, all while delivering strong financial results across each segment," said Jacobs' Chair and CEO, Steve Demetriou. "We continued our relentless focus on a culture of accountability, strong operational execution and profitable growth. Our emphasis on driving performance excellence resulted in fiscal 2018 pro forma revenue growth of over 9% and adjusted operating profit margin of 6.0% - achieving our 2019 strategic profit margin objective one year early. Looking forward, our active portfolio management has positioned the company to deliver higher-value sustainable and digitally-enabled solutions for our infrastructure and government clients worldwide."
The company further reduced gross debt by nearly $200 million during the quarter to $2.2 billion, which resulted in a gross debt leverage ratio of 1.7x adjusted EBITDA, well in line with its communicated target of under 2x. On a pro forma basis which adjusts for the sale of ECR, the company's net cash would be $1.2 billion with gross debt to adjusted EBITDA of 0.5x.
Jacobs' CFO, Kevin Berryman, added, "Our fourth quarter and fiscal 2018 results showed continued disciplined execution against our strategy on growing in higher margin less cyclical markets. We delivered strong revenue growth and gross and operating profit margin percentage increases over 130 basis points year-over-year in the quarter. Our fourth quarter adjusted cash flow from operations continued to be healthy at over $250 million, when excluding a $50 million voluntary pension payment." Berryman also confirmed the company's fiscal 2019 outlook. "Following our strong performance in 2018, we continue to expect $920 million to $1 billion in adjusted EBITDA, excluding the ECR results for fiscal 2019."
(1)Reconciliation of the adjusted EBITDA
outlook for the full fiscal year to the
most directly comparable GAAP measure is
not available without unreasonable
efforts because the Company cannot
predict with sufficient certainty all
the components required to provide such
reconciliation.
Fourth Quarter Review
Fiscal 4Q 2018 Fiscal 4Q 2017 Change
---
Revenue
$4.1 billion
$2.7 billion
$1.5 billion
--- ---
GAAP Net Earnings -$23 million
$94 million
-$117 million
--- ---
GAAP Earnings Per Diluted Share (EPS) -$0.16 $0.78 -$0.94
---
Adjusted Net Earnings
$188 million
$118 million
$70 million
--- ---
Adjusted EPS $1.31 $0.98 $0.33
---
The company's adjusted net earnings and adjusted EPS for the fourth quarter of fiscal 2018 and fiscal 2017 exclude the charges and costs set forth in the table below. For additional information regarding these adjustments and a reconciliation of adjusted net earnings and adjusted EPS to net earnings and EPS, respectively, refer to the section entitled "Non-GAAP Financial Measures" at the end of this release.
Included within fiscal fourth quarter after-tax restructuring and other charges is a $21.0 million predominately non-cash loss on the sale of the Company's ownership interest in its Brazilian joint venture.
Fiscal 4Q 2018 Fiscal 4Q 2017
After-tax restructuring
and other charges
$39 million ($0.27 per diluted share)
$14 million ($0.11 per diluted share)
---
After-tax transaction
costs incurred in
connection with the
closing of the CH2M
acquisition and the
sale of the ECR segment
$2 million ($0.01 per diluted share)
$11 million ($0.09 per diluted share)
---
Charge resulting from
the revaluation of
certain deferred tax
assets/liabilities in
connection with U.S.
tax reform
$169 million ($1.18 per diluted share) N/A
---
Adjusted Earnings (EPS)
$188 million ($1.31 per diluted share)
$118 million ($0.98 per diluted share)
---
(note: earnings per share
amounts may not add due to
rounding)
The fiscal fourth quarter 2018 effective tax rate was 25% excluding the U.S. tax reform adjustment mentioned above.
Fiscal 2018 Review
Fiscal 2018 Fiscal 2017 Change
---
Revenue
$15.0 billion
$10.0 billion
$5.0 billion
--- ---
GAAP
Net
Earnings
$178 million
$294 million
-$115 million
--- ---
GAAP
Earnings
Per
Diluted
Share
(EPS) $1.28 $2.42 -$1.14
---
Adjusted
Net
Earnings
$623 million
$392 million
$231 million
--- ---
Adjusted
EPS $4.47 $3.24 $1.23
---
The company's adjusted net earnings and adjusted EPS for fiscal 2018 and fiscal 2017 exclude the charges and costs set forth in the table below. For additional information regarding these adjustments and a reconciliation of adjusted net earnings and adjusted EPS to net earnings and EPS, respectively, refer to the section entitled "Non-GAAP Financial Measures" at the end of this release.
Fiscal 2018 Fiscal 2017
After-tax restructuring
and other charges
$140 million ($1.01 per diluted share)
$88 million ($0.73 per diluted share)
---
After-tax transaction
costs incurred in
connection with the
closing of the CH2M
acquisition and the
sale of the ECR segment
$61 million ($0.44 per diluted share)
$11 million ($0.09 per diluted share)
---
Charge resulting from
the revaluation of
certain deferred tax
assets/liabilities in
connection with U.S.
tax reform
$244 million ($1.75 per diluted share)
NA
---
Adjusted Earnings (EPS)
$623 million ($4.47 per diluted share)
$392 million ($3.24 per diluted share)
---
(note: earnings per share
amounts may not add due to
rounding)
For fiscal year 2018, the effective tax rate was 23% excluding the U.S. tax reform adjustment mentioned above.
Jacobs is hosting a conference call at 10:00 A.M. ET on Tuesday November 20, 2018, which it is webcasting live at www.jacobs.com.
Energy, Chemicals and Resources (ECR) Sale to WorleyParsons
On October 21, 2018, WorleyParsons entered into a Stock and Asset Purchase Agreement to acquire the Jacobs' ECR business for a purchase price of $3.3 billion consisting of (i) $2.6 billion in cash plus (ii) ordinary shares of the Buyer equal to $700 million, subject to adjustments for changes in working capital and certain other items (the "Transaction"). The Transaction, which has been approved by the boards of directors of the company and WorleyParsons, is expected to close in the first half of calendar year 2019.
About Jacobs
Jacobs leads the global professional services sector delivering solutions for a more connected, sustainable world. With $15 billion in fiscal 2018 revenue and a talent force of more than 80,000, Jacobs provides a full spectrum of services including scientific, technical, professional and construction- and program-management for business, industrial, commercial, government and infrastructure sectors. For more information, visit www.jacobs.com, and connect with Jacobs on LinkedIn, Twitter, Facebook and Instagram.
Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. Statements made in this press release that are not based on historical fact are forward-looking statements. Although such statements are based on management's current estimates and expectations, and currently available competitive, financial, and economic data, forward-looking statements are inherently uncertain, and you should not place undue reliance on such statements as actual results may differ materially. We caution the reader that there are a variety of risks, uncertainties and other factors that could cause actual results to differ materially from what is contained, projected or implied by our forward-looking statements. For a description of some additional factors that may occur that could cause actual results to differ from our forward-looking statements see our Annual Report on Form 10-K for the year ended September 29, 2017 and our subsequent Quarterly Report on Form 10-Q for the first fiscal quarter of 2018, and when filed with the Securities and Exchange Commission (the "SEC"), our Annual Report on Form 10-K for the year ended September 28, 2018, and in particular the discussions contained under Item 1 - Business; Item 1A - Risk Factors; Item 3 - Legal Proceedings; and Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations, as well as the Company's other filings with the Securities and Exchange Commission. The Company is not under any duty to update any of the forward-looking statements after the date of this press release to conform to actual results, except as required by applicable law.
Financial Highlights:
Results of Operations (in thousands, except per-share data):
---
For the Three Months Ended
For the Years Ended
September 28, September 29, September 28, September 29,
2018 2017 2018 2017
---
Revenues $
4,142,644 $
2,653,865 $
14,984,646 $
10,022,788
Direct cost of contracts (3,351,228) (2,179,575) (12,156,276) (8,250,536)
Gross profit 791,416 474,290 2,828,370 1,772,252
Selling, general and
administrative expenses (550,104) (367,298) (2,180,399) (1,379,983)
Operating Profit 241,312 106,992 647,971 392,269
Other Income (Expense):
Interest income 2,088 3,051 8,984 8,748
Interest expense (26,652) (708) (76,760) (12,035)
Gain (Loss) on disposal of
business and investments (21,171) 10,880 (20,967) 10,880
Miscellaneous income
(expense), net 2,262 (766) (4,523) (6,645)
Total other (expense)
income, net (43,473) 12,457 (93,266) 948
Earnings Before Taxes 197,839 119,449 554,705 393,217
Income Tax Expense (214,261) (26,021) (366,563) (105,842)
Net Earnings of the Group (16,422) 93,428 188,142 287,375
Net (Earnings) Loss
Attributable to
Noncontrolling Interests (6,119) 714 (9,711) 6,352
Net Earnings Attributable to
Jacobs $
(22,541) $
94,142 $
178,431 $
293,727
Net Earnings Per Share:
Basic $
(0.16) $
0.78 $
1.29 $
2.43
Diluted $
(0.16) $
0.78 $
1.28 $
2.42
Segment Information (in thousands):
---
For the Three Months Ended
For the Years Ended
September 28, September 29, September 28, September 29,
2018 2017 2018 2017
---
Revenues from External Customers:
Aerospace, Technology,
Environmental and Nuclear $
1,299,108 $
648,491 $
4,372,008 $
2,464,363
Buildings, Infrastructure
and Advanced Facilities 1,687,633 1,006,814 6,184,883 3,830,697
Energy, Chemicals and
Resources 1,155,903 998,560 4,427,755 3,727,728
Total $
4,142,644 $
2,653,865 $
14,984,646 $
10,022,788
For the Three Months Ended
For the Years Ended
September 28, September 29, September 28, September 29,
2018 2017 2018 2017
---
Segment Operating Profit:
Aerospace, Technology,
Environmental and Nuclear
(1) $
94,868 $
56,400 $
311,871 $
200,179
Buildings, Infrastructure
and Advanced Facilities
(2) 134,390 72,000 482,277 263,679
Energy, Chemicals and
Resources 53,350 41,206 218,109 161,312
Total Segment Operating
Profit 282,608 169,606 1,012,257 625,170
Other Corporate Expenses (2,784) (25,975) (113,702) (81,595)
Restructuring and Other
Charges (34,991) (19,539) (170,148) (134,206)
Transaction Costs (3,521) (17,100) (80,436) (17,100)
Total U.S. GAAP Operating
Profit 241,312 106,992 647,971 392,269
Gain (Loss) on disposal of
business and investments (21,171) 10,880 (20,967) 10,880
Total Other (Expense)
Income, net (3) (22,302) 1,577 (72,299) (9,932)
Earnings Before Taxes $
197,839 $
119,449 $
554,705 $
393,217
(1) Includes $15.0 million in charges
during the year ended September 28,
2018 associated with a legal matter.
(2) Excludes $23.8 in restructuring and
other charges for the year ended
September 29, 2017. See Note 8,
Restructuring and Other Charges in
the Form 10-K for the fiscal year
ended September 28, 2018.
(3) Includes amortization of deferred
financing fees related to the CH2M
acquisition of $1.8 million for the
year ended September 28, 2018. Also,
includes $1.2 million and $277
thousand of restructuring and other
charges for the years ended
September 29, 2017 and September 30,
2016, respectively.
Other Operational Information (in thousands):
---
For the Three Months Ended For the Years Ended
September 28, September 29, September 28, September 29,
2018 2017 2018 2017
---
Depreciation (pre-
tax) $
29,141 $
23,700 $
117,856 $
76,418
Amortization of
Intangibles (pre-
tax) $
22,236 $
11,204 $
80,731 $
46,095
Pass-Through
Costs Included in
Revenues $
860,394 $
677,698 $
3,058,591 $
2,539,311
Capital
Expenditures $
31,476 $
44,508 $
94,884 $
118,060
Balance Sheet (in thousands):
---
September 28, 2018 September 29, 2017
---
ASSETS
Current Assets:
Cash and cash equivalents $
793,358 $
774,151
Receivables 3,573,630 2,102,543
Prepaid expenses and other 208,296 119,486
Total current assets 4,575,284 2,996,180
Property, Equipment and Improvements,
net 457,706 349,911
Other Noncurrent Assets:
Goodwill 6,107,856 3,009,826
Intangibles, net 655,957 332,920
Miscellaneous 863,992 692,022
Total other noncurrent assets 7,627,805 4,034,768
$
12,660,795 $
7,380,859
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Notes payable $
4,954 $
3,071
Accounts payable 1,127,671 683,605
Accrued liabilities 1,488,629 939,687
Billings in excess of costs 524,439 299,864
Total current liabilities 3,145,693 1,926,227
Long-term Debt 2,146,877 235,000
Other Deferred Liabilities 1,408,871 732,281
Commitments and Contingencies
Stockholders' Equity:
Capital stock:
Preferred stock, $1 par value,
authorized -1,000,000 shares; issued
and outstanding -none -
Common stock, $1 par value, authorized -
240,000,000 shares; issued and
outstanding-142,217,933 shares and
120,385,544 shares as of September 28,
2018 and September 29, 2017,
respectively 142,218 120,386
Additional paid-in capital 2,708,839 1,239,782
Retained earnings 3,824,991 3,721,698
Accumulated other comprehensive loss (806,703) (653,514)
Total Jacobs stockholders' equity 5,869,345 4,428,352
Noncontrolling interests 90,009 58,999
Total Group stockholders' equity 5,959,354 4,487,351
$
12,660,795 $
7,380,859
Backlog (in millions):
---
September 28, 2018 September 29, 2017
---
Aerospace, Technology,
Environmental and Nuclear $
8,857,066 $
6,358,467
Buildings, Infrastructure
and Advanced Facilities 11,375,597 6,788,564
Energy, Chemicals and
Resources 7,065,951 6,641,582
Total $
27,298,614 $
19,788,613
Other Information
In the fourth quarter of 2018, the Company updated certain provisional amounts reflected in the preliminary purchase price allocation for the CH2M acquisition, including with respect to certain pre-acquisition legal matters. Accrued liabilities and other deferred liabilities in the preliminary purchase price allocation include approximately $385.3 million at September 28, 2018 for provisional estimates related to various CH2M legal and other pre-acquisition contingent liabilities accounted for under ASC 450.
Pro Forma Figures
In this press release, comparisons of current quarter results to the historical results of Jacobs and CH2M on a pro forma basis for fiscal year 2017 were calculated by using revenue and backlog of the combined Jacobs and CH2M entities as if the acquisition of CH2M had occurred prior to the historical period, as adjusted for (i) the exclusion of restructuring and other related charges; (ii) the deconsolidation of CH2M's investment in Chalk River as if deconsolidated on October 1, 2016 and (iii) the exclusion of the revenue and operating results associated with CH2M's MOPAC project. We believe this information helps provide additional insight into the underlying trends of our business when comparing current performance against prior periods. Readers should consider this information together with a comparison to Jacobs' historical financial results as reported in Jacobs' filings with the SEC, which reflect Jacobs-only performance for periods prior to the closing of the CH2M acquisition on December 15, 2017, and CH2M's historical financial results as reported in CH2M's filings with the SEC.
Non-GAAP Financial Measures:
In this press release, the Company has included certain non-GAAP financial measures as defined in Regulation G promulgated under the Securities Exchange Act of 1934, as amended. The non-GAAP financial measures included in this press release are adjusted net earnings, adjusted EPS, adjusted operating profit margin and adjusted EBITDA.
Adjusted net earnings, adjusted EPS and adjusted operating profit margin are non-GAAP financial measures that are calculated by excluding (i) the costs related to the 2015 restructuring activities, which included involuntary terminations, the abandonment of certain leased offices, combining operational organizations and the co-location of employees into other existing offices; and charges associated with our Europe, U.K. and Middle East region, which included write-offs on contract accounts receivable and charges for statutory redundancy and severance costs (collectively, the "2015 Restructuring and other items"); (ii) costs and other charges associated with restructuring activities implemented in connection with the CH2M acquisition, which include involuntary terminations, costs associated with co-locating Jacobs and CH2M offices, costs and expenses of the Integration Management Office, including professional services and personnel costs, costs and charges associated with the divestiture of joint venture interests to resolve potential conflicts arising from the CH2M acquisition, and similar costs and expenses (collectively referred to as the "CH2M Restructuring and other charges"); (iii) transaction costs and other charges incurred in connection with closing of the CH2M acquisition, including advisor fees, change in control payments, costs and expenses relating to the registration and listing of Jacobs stock issued in connection with the acquisition, and similar transaction costs and expenses (collectively referred to as "CH2M transaction costs"); (iv) charges resulting from the revaluation of certain deferred tax assets/liabilities in connection with U.S. tax reform and (v) transaction costs and expenses incurred in connection with the pending sale of the ECR business of the Company. Adjustments to derive adjusted net earnings and adjusted EPS are calculated on an after-tax basis. Adjusted EBITDA is calculated in accordance with the Company's existing credit facilities. We believe that adjusted net earnings, adjusted EPS, adjusted operating profit margin and adjusted EBITDA are useful to management, investors and other users of our financial information in evaluating the Company's operating results and understanding the Company's operating trends by excluding the effects of the items described above, which can obscure underlying trends. Additionally, management uses adjusted net earnings, adjusted EPS, adjusted operating profit margin and adjusted EBITDA in its own evaluation of the Company's performance, particularly when comparing performance to past periods, and believes these measures are useful for investors because they facilitate a comparison of our financial results from period to period.
The Company provides non-GAAP measures to supplement U.S. GAAP measures, as they provide additional insight into the Company's financial results. However, non-GAAP measures have limitations as analytical tools and should not be considered in isolation and are not in accordance with, or a substitute for, U.S. GAAP measures. In addition, other companies may define non-GAAP measures differently, which limits the ability of investors to compare non-GAAP measures of the Company to those used by our peer companies.
The following tables reconcile the components and values of U.S. GAAP net earnings, EPS and operating profit margin to the corresponding "adjusted" amounts. For the comparable periods presented below, such adjustments consist of amounts incurred in connection with the items described above. Amounts are shown in thousands, except for per-share data: (note: earnings per share amounts may not add across due to rounding)
U.S. GAAP Reconciliation for the fourth quarter of fiscal 2018 and 2017
---
For the Three Months Ended
September 28, 2018
U.S. GAAP Effects of Effects of
Restructuring Transaction
and Other Costs (1)
Charges Other Adjustments Adjusted
Revenue $
4,142,644
$
$
$ $
4,142,644
Direct cost of contracts (3,351,228) 4,374 (3,346,854)
Gross profit 791,416 4,374 795,790
Selling, general and
administrative expenses (550,104) 30,617 3,521 (515,966)
Operating Profit 241,312 34,991 3,521 279,824
Total other (expense)
income, net (43,473) 20,658 585 (22,230)
Earnings before taxes 197,839 55,649 4,106 257,594
Income Tax (Expense)
Benefit (214,261) (16,191) (2,125) 169,458 (63,119)
Net earnings of the Group (16,422) 39,458 1,981 169,458 194,475
Net earnings attributable
to non-controlling
interests (6,119) (6,119)
Net earnings attributable
to Jacobs $
(22,541) $
39,458 $
1,981 $
169,458 $
188,356
Diluted earnings per
share (2) $
(0.16) $
0.27 $
0.01 $
1.18 $
1.31
Operating profit margin 5.8
% 0.8
% 0.1
% 6.8
%
===
(1) Includes pre-tax CH2M transaction
costs and adjustments of $(0.4
million) as well as transaction costs
associated with the recently
announced sale of our ECR line of
business of $4.5 million
(2) For the three months ended September
28, 2018, the Company's diluted
common shares for purposes of
calculating U.S. GAAP diluted EPS
exclude the effects of dilutive
securities as they would be
antidilutive due to the net loss
position for the quarter. However,
these dilutive securities are
included in the diluted common share
amounts for calculating total
Adjusted EPS due to the Adjusted net
income amounts reported for the
quarter, which is consistent with the
calculation of Adjusted EPS for prior
periods.
For the Three Months Ended
September 29, 2017
Effects of Effects of CH2M
Restructuring professional
and Other fees and
Charges integration
U.S. GAAP costs Adjusted
Revenue $
2,653,865
$
$ $
2,653,865
Direct cost of contracts (2,179,575) (2,179,575)
Gross profit 474,290 474,290
Selling, general and
administrative expenses (367,298) 19,539 17,100 (330,659)
Operating Profit 106,992 19,539 17,100 143,631
Total other (expense)
income, net 12,457 12,457
Earnings before taxes 119,449 19,539 17,100 156,088
Income Tax (Expense)
Benefit (26,021) (5,980) (6,498) (38,499)
Net earnings of the Group 93,428 13,559 10,602 117,589
Net earnings attributable
to non-controlling
interests 714 714
Net earnings attributable
to Jacobs $
94,142 $
13,559 $
10,602 $
118,303
Diluted earnings per
share $
0.78 $
0.11 $
0.09 $
0.98
Operating profit margin 4.0
% 0.7
% 0.6
% 5.4
%
U.S. GAAP Reconciliation for fiscal years 2018 and 2017
---
For the Year Ended
September 28, 2018
U.S. GAAP Effects of Effects of
Restructuring and Transaction
Other Charges Costs (1) Other Adjustments Adjusted
Revenue $
14,984,646
$
$
$ $
14,984,646
Direct cost of
contracts (12,156,276) 6,950 (12,149,326)
Gross profit 2,828,370 6,950 2,835,320
Selling, general and
administrative
expenses (2,180,399) 163,198 80,436 (1,936,765)
Operating Profit 647,971 170,148 80,436 898,555
Total other
(expense) income,
net (93,266) 20,658 1,774 (70,834)
Earnings before
taxes 554,705 190,806 82,210 827,721
Income Tax (Expense)
Benefit (366,563) (50,161) (21,488) 244,196 (194,016)
Net earnings of the
Group 188,142 140,645 60,722 244,196 633,705
Net earnings
attributable to
non-controlling
interests (9,711) (577) (10,288)
Net earnings
attributable to
Jacobs $
178,431 $
140,068 $
60,722 $
244,196 $
623,417
Diluted earnings per
share $
1.28 $
1.01 $
0.44 $
1.75 $
4.47
Operating profit 4.3
% 1.1
% 0.5
margin % 6.0
%
===
(1) Includes pre-tax CH2M
transaction costs and
adjustments of $77.7 million
as well as transaction costs
associated with the recently
announced sale of our ECR line
of business of $4.5 million.
For the Year Ended
September 29, 2017
Effects of Effects of CH2M
Restructuring professional
and Other fees and
Charges integration
U.S. GAAP costs Adjusted
Revenue $
10,022,788 $
17,526
$ $
10,040,314
Direct cost of
contracts (8,250,536) 4,913 (8,245,623)
Gross profit 1,772,252 22,439 1,794,691
Selling, general and
administrative
expenses (1,379,983) 111,767 17,100 (1,251,116)
Operating Profit 392,269 134,206 17,100 543,575
Total other
(expense) income,
net 948 1,233 2,181
Earnings before
taxes 393,217 135,439 17,100 545,756
Income Tax (Expense)
Benefit (105,842) (42,663) (6,498) (155,003)
Net earnings of the
Group 287,375 92,776 10,602 390,753
Net earnings
attributable to
non-controlling
interests 6,352 (4,913) 1,439
Net earnings
attributable to
Jacobs $
293,727 $
87,863 $
10,602 $
392,192
Diluted earnings per
share $
2.42 $
0.73 $
0.09 $
3.24
Operating profit
margin 3.9
% 1.3
% 0.2
% 5.4
%
Earnings Per Share:
---
For the Three Months Ended For the Years Ended
September 28, September 29, September 28, September 29,
2018 2017 2018 2017
---
Numerator for Basic and Diluted EPS:
Net income $
(22,541) $
94,142 $
178,431 $
293,727
Net income allocated
to participating
securities 60 (796) (828) (3,077)
Net income allocated
to common stock for
EPS calculation $
(22,481) $
93,346 $
177,603 $
290,650
Denominator for Basic and Diluted
EPS:
Weighted average
basic shares 142,575 120,392 138,182 120,689
Shares allocated to
participating
securities (379) (1,018) (646) (1,319)
Shares used for
calculating basic
EPS attributable to
common stock 142,196 119,374 137,536 119,370
Effect of dilutive securities:
Stock compensation
plans - 726 1,176 777
Shares used for
calculating diluted
EPS attributable to
common stock 142,196 120,100 138,712 120,147
Basic EPS $
(0.16) $
0.78 $
1.29 $
2.43
Diluted EPS $
(0.16) $
0.78 $
1.28 $
2.42
For additional information contact:
Investors:
Jonathan Doros, 214-583-8596
jonathan.doros@jacobs.com
Media:
Marietta Hannigan, 214-920-8035
marietta.hannigan@jacobs.com
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SOURCE Jacobs Engineering Group Inc.
