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

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

Business Wire

PASADENA, Calif. -- April 29, 2013

Jacobs Engineering Group Inc. (NYSE:JEC) announced today its financial results
for the second quarter of fiscal 2013 ended March29, 2013.

Second Quarter Fiscal 2013 Highlights:

  *Net earnings for the quarter of $104.4 million;
  *Diluted EPS for the quarter of $0.80;
  *Net earnings for the six months ended March29, 2013 of $203.4 million;
  *Diluted EPS for the six months ended March29, 2013 of $1.56; and
  *Backlog at March29, 2013 of $16.8 billion.

Jacobs reported today net earnings of $104.4 million, or $0.80 per diluted
share, on revenues of $2.84billionfor its second quarter of fiscal 2013
ended March29, 2013. This is up from net earnings of $83.9 million, or $0.65
per diluted share, on revenues of $2.70 billion for the second quarter of
fiscal 2012 ended March30, 2012.

Jacobs also announced that backlog grew by 11.2% totaling $16.8 billion at
March29, 2013, including a technical professional services component of $10.9
billion. This compares to total backlog and technical professional services
backlog of $15.1 billion and $9.9 billion, respectively, at March30, 2012.

Commenting on the results for the second quarter, Jacobs President and CEO
Craig L. Martin stated, “Our second quarter performance resulted in solid
growth in earnings, both quarter-over-quarter and year-over-year. New bookings
were good as well, so backlog continues to improve. Prospects for the
remainder of the year continue the favorable trend established in the first
half, so the second half of FY13 looks positive.”

Commenting on the Company's earnings outlook for the remainder of fiscal 2013,
Jacobs Chief Financial Officer John W. Prosser, Jr. stated, “Our second
quarter results and outlook for the remainder of the year are in line with our
expectations. 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 Tuesday,
April 30, 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              Six Months Ended
                March 29,      March 30,       March 29,      March 30,
                   2013            2012              2013            2012
Revenues           $ 2,835,084    $ 2,702,851       $ 5,594,725    $ 5,334,619
Costs and
Expenses:
Direct costs       (2,370,183  )   (2,276,647  )     (4,694,101  )   (4,487,373  )
of contracts
Selling,
general, and     (299,698    )  (293,066    )   (575,152    )  (572,156    )
administrative
expenses
Operating          165,203         133,138           325,472         275,090
Profit
Other Income
(Expense):
Interest           1,099           1,563             2,189           2,958
income
Interest           (3,035      )   (2,496      )     (6,729      )   (6,158      )
expense
Miscellaneous
income           (1,359      )  110            (2,713      )  (21         )
(expense), net
Total other      (3,295      )  (823        )   (7,253      )  (3,221      )
expense, net
Earnings           161,908         132,315           318,219         271,869
Before Taxes
Income Tax       (54,819     )  (44,869     )   (106,607    )  (92,987     )
Expense
Net Earnings     107,089       87,446         211,612       178,882     
of the Group
Net Earnings
Attributable
to               (2,688      )  (3,513      )   (8,201      )  (5,239      )

Noncontrolling
Interests
Net Earnings
Attributable     $ 104,401     $ 83,933       $ 203,411     $ 173,643   
to Jacobs
Earnings Per
Share (“EPS”):
Basic              $ 0.81          $ 0.66            $ 1.58          $ 1.37
Diluted          $ 0.80        $ 0.65         $ 1.56        $ 1.35      
                                                                     
Weighted
Average Shares
Used to
Calculate EPS:
Basic              129,096         127,412           128,876         127,171
Diluted          130,730       128,726        130,284       128,347     
                                                                                 

Other Operational Information (in thousands):

               Three Months Ended              Six Months Ended
              March 29,      March 30,       March 29,      March 30,
                 2013            2012              2013            2012
Revenues by
Major                                                         
Component:
Technical
professional     $ 1,694,129     $ 1,654,744       $ 3,306,048     $ 3,192,779
services
Field          1,140,955     1,048,107      2,288,677     2,141,840
services
Total          $ 2,835,084   $ 2,702,851    $ 5,594,725   $ 5,334,619
                                                                   
Depreciation   $ 16,598      $ 14,627       $ 32,091      $ 28,488
(pre-tax)
Amortization
of             $ 6,699       $ 10,645       $ 15,681      $ 22,020
Intangibles
(pre-tax)
Pass-Through
Costs          $ 573,617     $ 572,220      $ 1,120,033   $ 1,116,052
Included in
Revenues
                                                                   
Capital        $ 39,311      $ 17,649       $ 64,485      $ 37,751
Expenditures
                                                                     

Selected Balance Sheet and Backlog Information (in thousands):

                                   March 29,       March 30,
                                      2013             2012
Balance Sheet Information:                         
Cash and cash equivalents             $ 1,166,207      $ 921,507
Working capital                       1,987,257        1,436,251
Total debt                            450,813          541,163
Total Jacobs stockholders' equity   3,955,547      3,454,414
                                                       
Backlog Information:
Technical professional services       $ 10,888,900     $ 9,906,700
Field services                      5,901,400      5,189,100
Total                               $ 16,790,300   $ 15,095,800

Contact:

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