Jacobs Engr Group Inc - J STOCK NEWS

Jacobs (NYSE:J) has been chosen by LA Sanitation and Environment and the Los Angeles Department of Water and Power as the contractor for the Donald C. Tillman Advanced Water Purification Facility. This significant project aims to enhance LA's water management by treating tertiary effluent to produce purified water, ultimately supplying up to 200,000 customers. With an estimated cost of $500 million, it will save the city $81 million through WIFIA funding. The facility will utilize advanced techniques, aiming to process over 15 million gallons of water daily, addressing the region's water shortages and drought resilience.

Jacobs (NYSE:J) has been appointed as a strategic technical partner by Northumbrian Water Group (NWG) to enhance its water asset investment programs in the UK. This eight-year framework aims to co-create capital delivery processes to provide better customer value while ensuring sustainability. NWG serves nearly 4.4 million people and seeks to evolve its operations to meet long-term sustainability goals, including carbon reduction. Jacobs will deliver comprehensive technical and strategic support to tackle increasing water issues and risk management, ultimately striving for improved service and asset resilience.

Jacobs has secured a significant contract with NASA at the Kennedy Space Center, valued at approximately $3.2 billion over the next 10 years. This contract extends Jacobs' involvement in managing KSC's launch infrastructure and ground processing for critical NASA programs such as the Exploration Ground Systems and International Space Station. Scheduled to commence on May 1, the contract will support various NASA initiatives, including the Artemis program. Jacobs continues to play a vital role as NASA's largest services contractor, providing comprehensive aerospace capabilities and services.

Jacobs (NYSE:J) has been selected by NEOM Company to provide consultancy services for THE LINE, a revolutionary linear city project in Saudi Arabia aimed at reshaping urban living. This initiative is part of Saudi Arabia's Vision 2030 to diversify its economy through innovation and tourism. Jacobs, alongside JASARA, will oversee project management, construction consultancy, and integration of new construction technologies. The project focuses on sustainable, hyper-connected communities powered by clean energy, emphasizing a shift in urban development practices.

Jacobs Solutions Inc. reported a strong fiscal Q1 2023 with revenue of $3.8 billion, marking a 12.4% year-over-year increase. The company achieved net revenue of $3.1 billion, a 7.7% rise, and improved adjusted EPS to $1.67, up 7% year-over-year. Operating profit soared 20% year-over-year, with cash flow from operations at $302 million. The backlog rose to $28.3 billion, with gross margin improving by over 100 basis points. Jacobs maintains its fiscal 2023 adjusted EBITDA outlook of $1.4 billion to $1.48 billion and adjusted EPS guidance of $7.20 to $7.50. The company also emphasizes its commitment to gender diversity.

Jacobs has announced the appointment of Claudia Jaramillo as the new Chief Financial Officer, effective August 14, 2023. Jaramillo, previously the Executive Vice President of Strategy and Corporate Development, has a strong background in operational improvement and capital allocation from her 20 years at Schlumberger. She will succeed Kevin Berryman, who will transition to a Special Advisor role. Bob Pragada, Jacobs' CEO, emphasized Jaramillo's strategic capabilities and financial expertise, which align with the company's growth objectives. Jacobs reported revenues of $15 billion and over 60,000 employees, focusing on solving critical global problems.

The Board of Directors of Jacobs (NYSE:J) has approved a new $1 billion share repurchase program and declared a quarterly cash dividend of $0.26 per share, reflecting a 13% increase from the previous $0.23. The dividend is set to be paid on March 24, 2023, to shareholders on record as of February 24, 2023. CFO Kevin Berryman emphasized Jacobs' alignment with growth trends and its capacity to generate cash, supporting both share buybacks and dividend increases. The repurchase program will be active until January 25, 2026 and may be executed through various market methods, subject to conditions.

On January 24, 2023, Bob Pragada was appointed as the Chief Executive Officer of Jacobs (NYSE:J), succeeding the previous leadership. Pragada, a veteran with over 30 years of business leadership, has been with Jacobs for 17 years and held various senior roles, including President and COO. He aims to enhance Jacobs' focus on climate response, data solutions, and consulting services while aligning the company’s portfolio with high-growth sectors like water infrastructure and life sciences. Jacobs reported approximately $15 billion in annual revenue, and Pragada’s leadership is expected to drive profitable growth and innovation.