Jacobs Reports Fiscal Second Quarter 2023 Earnings – Jacobs Solutions (NYSE:J) – Press Release

Operating Profit up 74% Year-Over-Year, Adjusted Operating Profit up 7%1

People and Places Solutions Operating Profit up 21% Year-Over-Year

Second Quarter Revenue up 6% Year-Over-Year; 9% in Constant Currency1

Narrows Fiscal 2023 Outlook Range; Reiterates 100% Cash Flow Conversion Target

Announced Plans for Spin-off of Critical Mission Solutions Business

DALLAS, May 9, 2023 /PRNewswire/ — Jacobs Solutions Inc. J today announced its financial results for the fiscal second quarter ended March 31, 2023.

Q2 2023 Highlights:

  • Revenue of $4.1 billion up 6.4% y/y; net revenue1 increased 5.2% y/y and up 8% in constant currency1
  • Backlog1 of $29.0 billion, up 4% y/y; gross margin in backlog up y/y
  • EPS of $1.70, up 149% y/y; Adjusted EPS from continuing operations1 of $1.81, up 5% y/y
  • Cash provided by operations of $132 million; continue to expect 100% fiscal year underlying cash conversion

Jacobs’ CEO Bob Pragada commented, “We have delivered a robust second quarter focused on disciplined and rigorous execution. Our strong performance across the portfolio, led by People and Places Solutions Operating Profit growth of 21% year over year, demonstrates the continued high demand for our world-class services. Today’s announcement to separate the CMS business represents the next step in our strategic portfolio transformation, unlocking enhanced long-term shareholder value by creating a streamlined higher growth, higher margin business portfolio focused on critical infrastructure and sustainability.”

Jacobs’ President and CFO Kevin Berryman added, “We delivered solid second quarter results with strong revenue growth, with improving business mix and cost discipline, allowing for continued margin expansion despite ongoing inflationary pressures. Both revenue and gross margin in backlog improved in Q2, which provides visibility supporting our fiscal year 2023 outlook. We continue to see increasing momentum in critical infrastructure, including water, transportation and sustainability. Our…