Jacobs Solutions Inc. - J STOCK NEWS

Jacobs (NYSE:J) has been chosen to provide program management services for Broward County's first public transit expansion, a $4.4 billion, 30-year project. The program includes a light rail route connecting Fort Lauderdale-Hollywood International Airport to Port Everglades, along with bus rapid transit, commuter rail, and transit-oriented development, including affordable housing. Jacobs will manage the project under a five-year, $17.5 million contract. This initiative aims to enhance connectivity, sustainability, and economic growth in Broward County, which has seen significant population increases. Jacobs brings extensive experience from similar large-scale infrastructure projects, emphasizing economic and community benefits.

Jacobs (NYSE:J) has appointed Venk Nathamuni as its new Chief Financial Officer, effective June 3, 2024. Nathamuni brings over 30 years of experience, including 15 years in executive finance roles, and will oversee Jacobs' financial operations, capital allocation, and investor relations. He previously served as CFO at Cirrus Logic, a $6 billion semiconductor company. Jacobs CEO Bob Pragada emphasized Nathamuni's strategic vision and leadership. Interim CFO Kevin Berryman will assist in the transition and continue as Special Advisor to the CEO. Nathamuni holds an MBA from Wharton and degrees in engineering from SUNY Stony Brook and Madurai Kamaraj University, India.

Jacobs Solutions Inc. (NYSE: J) reported a revenue increase of 4.7% year-over-year in the fiscal second quarter of 2024, with People and Places Solutions revenue up 7.5%. Operating profit decreased by 3%, while adjusted operating profit rose by 10%. The company repurchased $95 million in shares during the quarter and narrowed its fiscal 2024 adjusted EBITDA and adjusted EPS range. The backlog increased by 1.5% year-over-year, reaching $29.4 billion. Jacobs' CEO highlighted strong performance, particularly in the People & Places Solutions segment, emphasizing the company's commitment to cost optimization and driving sustainable growth. The company remains focused on streamlining its business to create value for its shareholders, clients, and communities. The financial outlook for fiscal 2024 shows growth in adjusted EBITDA and adjusted EPS at the midpoints, up by 9% and 10% respectively. The planned separation transaction with Amentum is progressing well, with expected completion in the second half of the fourth quarter of fiscal year 2024

Jacobs (NYSE:J) announced a quarterly cash dividend of $0.29 per share of common stock, payable on June 21, 2024, to shareholders of record as of May 24, 2024.

Jacobs (NYSE:J) has been chosen by Brightline West for the final design of the Nevada rail segment, a important link between Las Vegas and Los Angeles, promising to reduce emissions and enhance safety. The high-speed rail project aims to connect the two cities in just 2 hours and 10 minutes, removing over 400,000 tons of CO2 emissions annually and generating $10 billion in economic impact.

Jacobs (J) has been selected by Water to design, build, operate, and maintain the Alkimos Seawater Desalination Plant in Perth, Australia. The project, part of an alliance with Water and ACCIONA, aims to produce 13 billion gallons of drinking water per year, scalable up to 26 billion gallons. The plant, estimated at approximately $1.83 billion, will provide a sustainable water supply for over 2.5 million Western Australians, showcasing Jacobs' expertise in desalination plant design and delivery.

Jacobs, in a joint venture with Geosyntec, has been selected to provide environmental engineering, restoration, and compliance services for NASA. The five-year contract will cover a wide range of services to support safe and sustainable operations for multiple NASA centers and infrastructure assets. Jacobs has a long history of providing environmental services to NASA and has been recognized for its commitment to climate response and data solutions.

Jacobs (NYSE:J) has been named as a prime supplier of cyber security solutions to the U.K. Ministry of Defence under the Digital and IT Professional Services framework, with a potential value of $1.52 billion. The company will provide maintenance, design, and support of secure system architecture, cryptographic systems, and security testing. Jacobs will focus on Cyber Security, Crypto, Sec Ops, and Integrated Systems, showcasing its technical capabilities and thought leadership in supporting MOD's digital programs.

Jacobs (J) to release fiscal second quarter 2024 earnings results on May 7, 2024, with a conference call for management presentation.