DALLAS (August 3, 2020)—Jacobs Engineering Group Inc. recently announced its financial results for the fiscal third quarter ended June 26, 2020.
Q3 2020 Highlights:
- Gross revenue of $3.3 billion (an increase of 2.9% year-over-year)
- Net revenue decreased 4% pro forma
- EPS from continuing operations of $1.73 up year over year
- Adjusted EPS from continuing operations of $1.26, including $0.05 in discrete tax benefits
- Backlog increased $1.2 billion to $23.7 billion, up 5% year-over-year and up 4% on a pro forma basis
- Cash flow from operations and free cash flow well over $300M, increasing FY20 outlook to approaching $400M
The company now expects fiscal 2020 adjusted EBITDA of $1,000 million to $1,050 million and adjusted EPS of $5.05 to $5.30 from its previous outlook of adjusted EBITDA of $950 million to $1,050 million and adjusted EPS of $4.80 to $5.30.
Jacobs' Chair and Chief Executive Officer Steve Demetriou said, "We have maintained focus on our top priority: keeping our people safe and ensuring business continuity for our customers. I am proud of how our people have responded, not only to the COVID-19 pandemic, but also our companywide support for social justice and global equality. We continue to align our culture around our values, particularly 'We live inclusion,' combined with our willingness to continuously learn—and turn that learning into action and solutions. Our values based culture is a key competitive advantage for Jacobs that will foster growth over the coming years."
Jacobs' President and Chief Financial Officer Kevin Berryman added, "The strategy we developed and have been executing since 2016 to build a company aligned to sustainable higher growth markets has proved its resilience during one of the most severe economic shocks in history. The highly recurring mission-critical nature of our work, combined with our ability to rapidly adjust virtually, enabled us to deliver solid earnings and strong free cash flow generation during this unprecedented pandemic. Given our ability to adapt in this new environment, we expect to continue to drive solid results for the remainder of fiscal 2020, further transforming Jacobs through technology-focused innovations that will enable profitable growth in fiscal 2021 and beyond."