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.