Jacobs Engineering Group Inc. Reports Solid Earnings for the First Quarter of Fiscal 2013

  Jacobs Engineering Group Inc. Reports Solid Earnings for the First Quarter
  of Fiscal 2013

Business Wire

PASADENA, Calif. -- January 23, 2013

Jacobs Engineering Group Inc. (NYSE:JEC) announced today its financial results
for the first quarter of fiscal 2013 ended December28, 2012.

First Quarter Fiscal 2013 Highlights:

  *Net earnings for the quarter of $99.0 million;
  *Diluted EPS for the quarter of $0.76;
  *Backlog at December28, 2012 of $16.2 billion.

Jacobs reported today net earnings of $99.0 million, or $0.76 per diluted
share, on revenues of $2.76billionfor its first quarter of fiscal 2013 ended
December28, 2012. This is up from net earnings of $89.7 million, or $0.70 per
diluted share, on revenues of $2.63 billion for the first quarter of fiscal
2012 ended December30, 2011.

Jacobs also announced that backlog grew by 11.8% totaling $16.2 billion at
December28, 2012, including a technical professional services component of
$10.4 billion. This compares to total backlog and technical professional
services backlog of $14.5 billion and $9.5 billion, respectively, at
December30, 2011.

Commenting on the results for the first quarter, Jacobs President and CEO
Craig L. Martin stated, “The business is doing well. Operating performance and
cost control are both good and our backlog continues to grow. We see
continuing growth in a number of key markets and multiple opportunities for
increasing market share. Our outlook for fiscal 2013 remains very positive.”

Commenting on the Company's earnings outlook for the remainder of fiscal 2013,
Jacobs Chief Financial Officer John W. Prosser, Jr. stated, “First quarter
results are in line with our expectations, and we are maintaining our guidance
at $3.00 to $3.50 per share.”

Jacobs is hosting a conference call at 11:00 a.m. Eastern Time on Thursday,
January 24, 2013, which it is webcasting live on the Internet at
www.jacobs.com.

Jacobs is one of the world's largest and most diverse providers of technical,
professional, and construction services.

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. We caution the reader that there are a variety of factors that
could cause business conditions and results to differ materially from what is
contained in our forward-looking statements. For a description of some of the
factors which may occur that could cause actual results to differ from our
forward-looking statements including those noted in our 2012 Form 10-K, and in
particular the discussions contained under Item1-Business; Item 1A - Risk
Factors; Item 3-Legal Proceedings; and Item 7-Management's Discussion and
Analysis of Financial Condition and Results of Operations. We also caution the
readers of this release that we do not undertake to update any forward-looking
statements made herein.

Financial Highlights:
Results of Operations (in thousands, except per-share data):
                                           
                                               Three Months Ended
                                           December 28,    December 30,
                                               2012              2011
Revenues                                       $ 2,759,641     $ 2,631,768
Costs and Expenses:
Direct costs of contracts                      (2,323,918  )     (2,210,726  )
Selling, general, and administrative        (275,454    )   (279,090    )
expenses
Operating Profit                               160,269           141,952
Other Income (Expense):
Interest income                                1,090             1,395
Interest expense                               (3,694      )     (3,662      )
Miscellaneous expense, net                  (1,354      )   (131        )
Total other income (expense), net           (3,958      )   (2,398      )
Earnings Before Taxes                          156,311           139,554
Income Tax Expense                          (51,788     )   (48,118     )
Net Earnings of the Group                   104,523        91,436      
Net Earnings Attributable to
                                            (5,513      )   (1,726      )
Noncontrolling Interests
Net Earnings Attributable to Jacobs         $ 99,010       $ 89,710    
Earnings Per Share (“EPS”):
Basic                                          $ 0.77            $ 0.71
Diluted                                     $ 0.76         $ 0.70      
                                                                 
Weighted Average Shares Used to
Calculate EPS:
Basic                                          128,644           126,921
Diluted                                     129,669        128,087     
                                                                             

Other Operational Information (in thousands):
                                         
                                            Three Months Ended
                                         December 28,    December 30,
                                            2012              2011
Revenues by Major Component:                               
Technical professional services             $ 1,611,919       $  1,538,035
Field services                            1,147,722      1,093,733
Total                                     $ 2,759,641    $  2,631,768
                                                              
Depreciation (pre-tax)                    $ 15,493       $  13,861
Amortization of Intangibles (pre-tax)     $ 8,982        $  11,375
Pass-Through Costs Included in Revenues   $ 546,416      $  543,832
                                                              
Capital Expenditures                      $ 25,174       $  20,102
                                                                 

Selected Balance Sheet and Backlog Information (in thousands):
                                                    
                                   December 28,     December 30,
                                      2012               2011
Balance Sheet Information:
Cash and cash equivalents             $ 1,241,745        $ 959,237
Working capital                       1,944,572          1,135,176
Total debt                            518,237            535,724
Total Jacobs stockholders' equity   3,829,076       3,439,179
                                                         
Backlog Information:
Technical professional services       $ 10,407,300       $ 9,529,500
Field services                      5,782,300       4,952,500
Total                               $ 16,189,600    $ 14,482,000

Contact:

Jacobs Engineering Group Inc.
John W. Prosser, Jr.
Executive Vice President, Finance and Administration
626.578.6803
 
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