Jacobs Solutions Inc. J shares are trading higher on Tuesday.
The company reported first-quarter revenue growth of 9.5% year over year to $4.159 billion, beating the consensus of $3.67 billion.
Adjusted EPS totaled $2.02, beating the consensus of $1.51.
The backlog in the quarter under review was $29.6 billion, up 4.7% year over year. Gross profit in backlog was up 6.1%.
The company registered cash flow from operations of $418 million in the quarter under review, and $401 million in free cash flow while repurchasing $100 million in shares.
The company recently announced an 11.5% quarterly dividend increase to $0.29 from its previous quarterly dividend of $0.26. This dividend will be paid on Mar. 22, 2024, to shareholders of record on Feb. 23, 2024.
“We are diligently working to create a leaner operating model that delivers higher growth, higher margin value for our stakeholders by focusing on disciplined execution and project delivery excellence,” Jacobs’ CEO Bob Pragada commented.
Cash and cash equivalents at the end of the period totaled $1.16 billion.
Outlook: Jacobs Solutions reiterated its outlook for fiscal 2024 adjusted EBITDA of $1.53 billion-$1.60 billion. The company maintained its adjusted EPS outlook of $7.70-$8.20 (estimate: $8.07).
Price Action: J shares are trading higher by 1.78% to $139.44 on the last check Tuesday.
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