Jacobs Reports Record Backlog of $28.9 Billion Amid Guidance Hike
On August 4, Jacobs Solutions (NYSE:J) reported strong fiscal third-quarter results for the period ended June 26, with gross revenue rising 34.5% year over year to $4.1 billion and backlog reaching a record high of $28.9 billion. The company raised its full-year guidance for the third consecutive quarter due to robust performance across multiple sectors including data centers, semiconductors, energy, transportation, and water. Despite impressive growth in gross revenue and backlog, Jacobs faced challenges on the GAAP earnings front as net income from continuing operations dropped year over year. This decline was attributed to a higher tax rate resulting from an acquisition-related cost. The company also noted that while total bookings are strong with a book-to-bill ratio of 1.4x, growth in adjusted net revenue lagged behind gross revenue. Investor sentiment appears positive as hedge fund interest increased and short interest remains low at just 3.87% of the float.
Tickers: $J
Topics: backlog guidance_increase infrastructure_contracts revenue_growth