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Makes me feel better about JEC. Announced today:

Jacobs Engineering Group Inc. Reports Earnings for Fiscal 2011

PASADENA, CALIF — Jacobs Engineering Group Inc. (NYSE:JEC) announced today its financial results for the fiscal year and fourth quarter ended September 30, 2011.

Fiscal 2011 and Fourth Quarter Fiscal 2011 Highlights:

· Net earnings for fiscal 2011 of $331.0 million;

· Diluted EPS for fiscal 2011 of $2.60;

· Net earnings for the fourth quarter of fiscal 2011 of $94.3 million;

· Diluted EPS for the fourth quarter of fiscal 2011 of $0.74; and,

· Backlog of $14.3 billion.

Jacobs reported today net earnings of $331.0 million, or $2.60 per diluted share, on revenues of $10.4 billion for its fiscal year ended September 30, 2011. These results compare to net earnings of $246.0 million, or $1.96 per diluted share, on revenues of $9.9 billion for fiscal 2010. Excluding the effects of the SIVOM litigation discussed below, net earnings and earnings per diluted share for fiscal 2010 were $306.3 million and $2.44, respectively.

For the fourth quarter of fiscal 2011, Jacobs reported net earnings of $94.3 million, or $0.74 per diluted share, on revenues of $2.7 billion. This compares to net earnings of $77.0 million, or $0.61 per diluted share, on revenues of $2.3 billion for the fourth quarter of fiscal 2010.

During the third quarter of fiscal 2010, the Company recorded a $93.3 million pre-tax charge to earnings relating to an unfavorable court judgment it received pertaining to a waste incineration project in France for the SIVOM de Mulhousienne (“SIVOM”). Net of the effects on the Company’s incentive bonus plan and income taxes, the judgment resulted in a net, after-tax charge to earnings in fiscal 2010 of $60.3 million, or $0.48 per diluted share.

Jacobs also announced backlog totaling $14.3 billion at September 30, 2011, including a technical professional services component of $9.1 billion. This compares to total backlog and technical professional services backlog of $13.2 billion and $7.6 billion, respectively, at October 1, 2010.

Commenting on the results for the year, Jacobs President and CEO Craig L. Martin stated, “Fiscal 2011 was a nice improvement over fiscal 2010. Excluding the effects of the SIVOM matter, earnings grew 8% and EPS grew 7%. More importantly, our prospects for Fiscal 2012 are continuing to improve. While much depends on economic conditions and our sales success, we have a great opportunity to return to our traditional strong double digit growth.”

Commenting on the Company’s earnings outlook for fiscal 2012, Jacobs Chief Financial Officer John W. Prosser, Jr. stated, “With a solid backlog and improving prospects as we finish 2011, we are initiating guidance for fiscal 2012 earnings per share within a range of $2.80 to $3.20.”

Jacobs is hosting a conference call at 11:00 a.m. Eastern Time on Tuesday, November 15, 2011, which they are webcasting live on the Internet at www.jacobs.com.

Jacobs is one of the world's largest and most diverse providers of technical, professional, and construction services.

Statements made in this press release that are not based on historical fact are forward-looking statements. Although such statements are based on management’s current estimates and expectations, and currently available competitive, financial, and economic data, forward-looking statements are inherently uncertain, and you should not place undue reliance on such statements. We caution the reader that there are a variety of factors that could cause business conditions and results to differ materially from what is contained in our forward-looking statements. For a description of some of the factors which may occur that could cause actual results to differ from our forward-looking statements please refer to our 2010 Form 10-K, and in particular the discussions contained under Item 1 – Business; Item 1A – Risk Factors; Item 3 – Legal Proceedings; and Item 7 – Management's Discussion and Analysis of Financial Condition and Results of Operations. We also caution the readers of this release that we do not undertake to update any forward-looking statements made herein.
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