Jacobs Solutions Inc. ( J ) shares are trading higher after it reported third-quarter FY24 results.

Revenue was $4.23 billion, beating the consensus of $3.99 billion. Adjusted EPS totaled $1.96, which was in line with the consensus.

Jacobs’ CEO Bob Pragada said, “This quarter, we made significant strides in our portfolio optimization, focusing on high-growth sectors that emphasize sustainability and infrastructure resilience. Our bookings and backlog remain strong, demonstrating the trust our clients place in our ability to deliver innovative solutions for complex challenges.”

The backlog in the quarter under review was $30.6 billion, up 6% Y/Y. Gross profit in backlog was up 5.5% Y/Y.

The company registered cash flow from operations of $483 million in the quarter. The company bought back shares worth $151 million in the quarter. Cash and cash equivalents at the end of the period totaled $1.21 billion.

Jacobs’ CFO Venk Nathamuni added, “We continue to focus on operational excellence and expect to end fiscal year 2024 with strong profitability. With the anticipated completion of the planned spin-off in the coming months, we are excited to share our enhanced strategic plan for Jacobs following the anticipated separation at our next Investor Day on February 18, 2025 in Miami, Florida.”

FY24 Outlook: Jacobs Solutions ( J ) reiterated its outlook for adjusted EBITDA at $1.540 billion-$1.585 billion and revised adjusted EPS outlook to $7.85 to $8.05 (from $7.80 to $8.10 prior) vs. the consensus of $8.03.

Investors can gain exposure to the stock via Tidal ETF Trust Newday Ocean Health ETF and Valued Advisers Trust Kovitz Core Equity ETF .

Price Action: J shares are up 1.81% at $142.66 at the last check Tuesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.