WASHINGTON (dpa-AFX) - Technical consultancy services provider Jacobs Engineering Group, Inc. (JEC) reported late Wednesday a profit for the first quarter that increased from last year, reflecting double-digit revenue growth. Earnings per share for the quarter met analysts' expectations, while quarterly revenues missed their estimates by a whisker. The company also maintained its earnings guidance for the full-year 2012, currently in line with Street view. 'The business continues to benefit from improving markets and solid sales and operations performance. Our outlook remains positive, as the number and quality of our prospects continue to grow,' President and CEO Craig Martin said in a statement. The Pasadena, California-based company posted net earnings of $89.71 million or $0.70 per share for the first quarter, higher than $65.82 million or $0.52 per share in the prior-year quarter. On average, 19 analysts polled by Thomson Reuters expected the company to report earnings of $0.70 per share for the first quarter. Analysts' estimates typically exclude special items. Total revenues for the quarter grew 11.4 percent to $2.63 billion from $2.36 billion in the same quarter last year, but missed seventeen Wall Street analysts' consensus estimate of $2.72 billion by a whisker. On a segmental basis, technical professional services revenues for the quarter grew to $1.53 billion from last year's $1.20 billion, while revenues for field services totaled $1.09 billion, lower than $1.15 billion in the prior-year quarter. The company's backlog at the end of the first quarter totaled $14.48 billion, including a technical professional services component of $9.53 billion, compared to $12.99 billion, including technical professional services backlog of $7.87 billion at the end of the year-ago quarter. Operating Profit for the quarter grew to $141.95 million from $103.62 million in the prior-year quarter. Looking ahead to fiscal 2012, Jacobs Engineering continues to expect earnings in a range of $2.80 to $3.20 per share. Street is currently looking for full-year 2012 earnings of $3.04 per share. JEC closed Wednesday's regular trading session at $46.31, up $0.78 or 1.71% on a volume of 1.34 million shares, lower than the three-month average volume of 1.42 million shares.
Copyright RTT News/dpa-AFX
© 2012 AFX News
