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Jacobs beats Q2 revenue estimates on steady demand in infrastructure business
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Jacobs beats Q2 revenue estimates on steady demand in infrastructure business
Aug 6, 2024 5:26 AM

Aug 6 (Reuters) - Engineering consulting firm Jacobs

Solutions ( J ) beat third-quarter revenue estimates on Tuesday,

helped by sustained demand in its infrastructure services unit.

The People & Places Solutions (P&PS) segment, which provides

architecture, energy transition and other technical services,

benefited from the U.S. government's $1 trillion infrastructure

bill, besides robust demand from construction and utility firms.

The company's quarterly revenue of $4.23 billion exceeded

analysts' average expectation of $3.99 billion, according to

LSEG data.

"Jacobs has sustained its strong margin profile in the third

quarter, reflecting our commitment to strategic, disciplined

execution." CEO Bob Pragada said.

The company in November announced a restructuring plan that

included spinning off its Critical Mission Solutions unit, which

provides cybersecurity and other such services, and parts of its

Divergent Solutions unit that delivers data solutions.

Jacobs said on Tuesday it expects the spin-off and the

resultant merger with rival contractor Amentum Services for the

formation of a new publicly listed company to be complete in the

second half of September 2024.

On an adjusted basis, Jacobs' third-quarter profit rose 11%

to $1.96 per share from a year ago, in line with analysts'

estimates.

The company narrowed its full-year adjusted earnings forecast

to between $7.85 and $8.05 per share, compared with the earlier

range of $7.80 to $8.10.

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