Earnings jump at Jacobs
By Helen Wright26 July 2011
US contractor Jacobs reported a US$ 71.7 million year-on-year increase in net earnings to US$ 90.7 million for the third quarter, while revenues rose to US$ 2.7 million, compared to US$ 2.5 billion in the third quarter of 2010.
The earnings comparison was skewed by the fact that Jacob's had to pay out in the third quarter of 2010 after being hit with an unfavourable court judgement. The company was charged US$ 60.3 million after losing a court case relating to a waste incineration project in France.
Excluding the effects of this charge, net earnings for the third quarter of fiscal 2010 were US$ 79.3 million.
Jacobs also announced backlog totalling US$ 14.0 billion at 1 July, 2011, up from the backlog of US$ 13.5 billion it reported at the same point last year.
Jacobs president and CEO Craig Martin said the company had focused on controlling selling, general and administrative expenses during the period. "Our performance for the quarter was good - given our steady backlog and solid prospect list, our outlook remains positive."