Jacobs Reports Record Net Earnings for Fiscal 2013

  Jacobs Reports Record Net Earnings for Fiscal 2013

             Solid Performance Drives Double Digit Profit Growth

Business Wire

PASADENA, Calif. -- November 18, 2013

Jacobs Engineering Group Inc. (NYSE:JEC) announced today its financial results
for the fiscal year and fourth quarter ended September27, 2013.

Fiscal 2013 and Fourth Quarter Fiscal 2013 Highlights:

  *Net earnings for fiscal 2013 of $423.1 million;
  *Diluted EPS for fiscal 2013 of $3.23;
  *Net earnings for the fourth quarter of fiscal 2013 of $110.8 million;
  *Diluted EPS for the fourth quarter of fiscal 2013 of $0.84; and,
  *Backlog at September27, 2013 of $17.2 billion.

Jacobs reported net earnings of $423.1 million, or $3.23 per diluted share, on
revenues of $11.8 billionfor its fiscal year ended September27, 2013. This
compares to net earnings of $379 million, or $2.94 per diluted share ($375
million, or $2.91 per diluted share excluding a one-time gain), on revenues of
$10.89 billion for fiscal 2012.

For the fourth quarter of fiscal 2013, Jacobs reported net earnings of $110.8
million, or $0.84 per diluted share, on revenues of $3.14 billion. This rose
from net earnings of $107.4 million, or $0.83 per diluted share ($103.4
million, or $0.80 per diluted share excluding a one-time gain), on revenues of
$2.79 billion for the same period in fiscal 2012.

Included in the Company's results for the fiscal year and quarter ended
September28, 2012 was a one-time, after-tax gain of $4.0million, or $0.03
per diluted share, related to the sale of the Company's intellectual property
for iron ore pelletizing and other related assets.

Jacobs also announced that backlog grew by 8.2%, totaling $17.2 billion at
September27, 2013, including a technical professional services component of
$11.1 billion. This compares to total backlog and technical professional
services backlog of $15.9 billion and $10.3 billion, respectively, at
September28, 2012.

Commenting on the results for the year, Jacobs President and CEO Craig L.
Martin stated, “It was a record year for net earnings at Jacobs. We grew
organically by ten percent and both our business and our opportunities
continue to grow. We’re discovering new and innovative ways to add sustainable
value to our clients’ projects around the world. Our backlog is good, and
we’re positive about FY2014.”

Adding to the discussion on the Company's earnings outlook for fiscal 2014,
Jacobs Chief Financial Officer John W. Prosser, Jr. stated, “While we expect
some weakness in our first quarter, our initial guidance for fiscal 2014
earnings per share is a range of $3.35 to $3.90. The guidance includes the
anticipated contribution from the SKM transaction which is projected to close
in December 2013.”

Jacobs is hosting a conference call at 11:00 a.m. Eastern Time on Tuesday,
November 19, 2013, which they are 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 release that are not based on historical fact are
forward-looking statements. We base these forward-looking statements on
management’s current expectations as well as currently available competitive,
financial and economic data. Forward-looking statements, however, are
inherently uncertain and you should not place undue reliance on them. There
are a variety of factors that could cause business conditions and actual
results to differ materially from these forward-looking statements. For a
description of some of the factors that may occur that could cause actual
conditions and results to differ from these forward-looking statements please
refer to our 2012 Form 10-K, and in particular the discussions contained under
Items 1 - Business, 1A - Risk Factors, 3 - Legal Proceedings, and 7 -
Management's Discussion and Analysis of Financial Condition and Results of
Operations. The statements regarding the transaction with Sinclair Knight Merz
are also forward-looking statements and there is no certainty that the
transaction will close or that the expected results will occur. 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                          Year Ended
                 September 27,    September 28,      September 27,     September 28,
                     2013                2012                    2013                 2012
Revenues             $ 3,142,656      $ 2,786,285             $ 11,818,376      $ 10,893,778
Costs and
Expenses:
Direct costs         (2,667,965  )       (2,339,623  )           (9,976,057   )       (9,166,789   )
of contracts
Selling,
general, and      (299,543    )    (279,045    )      (1,173,340   )    (1,130,916   )
administrative
expenses
Operating            175,148             167,617                 668,979              596,073
Profit
Other Income
(Expense):
Interest             1,874               766                     5,395                6,049
income
Interest             (3,391      )       (2,538      )           (12,906      )       (11,686      )
expense
Gain on sale
of                   —                   6,292                   —                    6,292
intellectual
property, net
Miscellaneous
income            1,275           (2,041      )      80               (3,392       )
(expense), net
Total other
income            (242        )    2,479             (7,431       )    (2,737       )
(expense), net
Earnings             174,906             170,096                 661,548              593,336
Before Taxes
Income Tax        (58,425     )    (59,014     )      (221,366     )    (202,382     )
Expense
Net Earnings      116,481         111,082           440,182          390,954      
of the Group
Net Earnings
Attributable
to                (5,670      )    (3,671      )      (17,089      )    (12,000      )
Noncontrolling
Interests
Net Earnings
Attributable      $ 110,811       $ 107,411         $ 423,093        $ 378,954    
to Jacobs
Earnings Per
Share (“EPS”):
Basic                $ 0.85              $ 0.84                  $ 3.27               $ 2.97
Diluted           $ 0.84          $ 0.83            $ 3.23           $ 2.94       
                                                                                      
Weighted
Average Shares
Used to
Calculate EPS:
Basic                129,896             128,338                 129,288              127,644
Diluted           132,013         129,252           130,945          128,692      
                                                                                                   
                                                                                                   

                                                      
Other Operational Information (in thousands):
                                                               
                   Three Months Ended                         Year Ended
                   September 27,       September 28,           September 27,        September
               2013             2012               2013              28,
                                                                                    2012
Revenues by
Major                                                                        
Component:
Technical
professional       $ 1,657,577         $ 1,632,514             $ 6,683,611          $ 6,465,450
services
Field           1,485,079       1,153,771         5,134,765        4,428,328
services
Total           $ 3,142,656     $ 2,786,285       $ 11,818,376     $ 10,893,778
                                                                                    
Depreciation    $ 20,061        $ 15,867          $ 69,889         $ 58,890
(pre-tax)
Amortization
of              $ 6,658         $ 9,776           $ 28,985         $ 41,934
Intangibles
(pre-tax)
Pass-Through
Costs           $ 830,090       $ 629,213         $ 2,624,838      $ 2,328,401
Included in
Revenues
                                                                                    
Capital         $ 35,750        $ 32,269          $ 127,270        $ 102,574
Expenditures
                                                                                      
                                                                                      

                                                
Selected Balance Sheet and Backlog Information (in thousands):
                                                                 
                              September 27,          September 28,
                                  2013                           2012
          Balance Sheet
          Information:
          Cash and cash           $ 1,256,405                    $  1,032,457
          equivalents
          Working capital         2,151,939                      1,865,025
          Total debt              437,868                        528,260
          Total Jacobs
          stockholders'        4,213,097             3,722,473
          equity
                                                                 
          Backlog
          Information:
          Technical
          professional            $ 11,118,400                   $  10,266,500
          services
          Field services       6,099,500             5,643,200
          Total                $ 17,217,900          $  15,909,700
                                                                    

Contact:

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