Jacobs reports over 6.4% year-on-year growth

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Jacobs reports over $4bn in revenue in the three months to March 31, 2023, with a rise in gross profit and operating profit on the same period last year.

For the three months to March 31, 2023, Jacobs announced growth in revenue and profits and a rise in its order book to $29bn. 

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.”

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 strong financial position and re-affirmed full-year cash flow guidance will allow us to continue to re-invest behind our accelerators while managing a disciplined capital allocation strategy.”

The company also announced the spin off of its CMS business with a view to that business sold by the second half of next year. 

Pragada explained, “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.”

JacobsMarch 31 2023April 1 2022
Revenues (millions)$4,078.3$3,834.1
Adjusted EBITDA (millions)*
EBITDA Margin (%)*
Net debt to adjusted EBITDA (ratio)*
Order Book (millions)$28,974$27,790
Booking-to-revenue (ratio)1.771.81

*Reconciliation of full year fiscal 2023 adjusted EPS outlook and adjusted EBITDA outlook to the most directly comparable GAAP measure is not available without unreasonable efforts because the Company cannot predict with sufficient certainty all the components required to provide such reconciliation, including with respect to the costs and charges and timing of costs and charges relating to expenses, restructuring and integration costs to be incurred in fiscal 2023.