Jacobs (NYSE: J) reported its third quarter fiscal 2024 results, which showed revenue growth, backlog of $30.6 billion and robust cash flow performance.
The American international technical professional services firm said Tuesday it also generated $445 million free cash flow, representing a year-to-date free cash flow conversion above 100%.
Bob Pragada, CEO of Jacobs, commented, âWe are pleased to report that Jacobs has sustained its strong margin profile in the third quarter, reflecting our commitment to strategic, disciplined execution. This quarter, we made significant strides in our portfolio optimization, focusing on high-growth sectors that emphasize sustainability and infrastructure resilience.â
In the three months ended June 28, 2024, revenue increased 1.06% to $4.23 billion compared to Q3 fiscal 2023, although net earnings attributable to Jacobs declined 11.8% year-over-year to $146.9 million. In addition to the $445 million free cash flow from operations, the People & Places Solutions backlog rose 9.23% to a record $19.3 billion at the quarterâs end.
Venk Nathamuni, chief financial officer of Jacobs, added during the earnings call, âWe continue to focus on operational excellence and expect to end the fiscal year 2024 with strong profitability.â The company has lowered its fiscal 2024 adjusted EPS guidance to between $7.85 and $8.05, but still 10% higher than in fiscal 2023,
Jacobs is preparing to spin off and combine its Critical Mission Solutions and Cyber & Intelligence government services businesses with Amentum and form a new publicly traded company.
