Jacobs Solutions (NYSE: J) posted $4.3 billion in revenue for the second quarter of fiscal year 2024, reflecting a 4.7 percent increase from the same period the previous year.
The Dallas-based company said Tuesday that its total backlog was $29.4 billion as of March 29, up 1.5 percent from the prior-year period.
Jacobs recorded a 3.7 percent year-over-year increase for its gross profit in backlog and narrowed its fiscal 2024 adjusted earnings outlook to a range of $7.80 per share to $8.10 per share.
During the earnings call Tuesday, Jacobs CEO Bob Pragada recognized the company’s solid Q2 performance and provided updates on the planned spinoff and merger of its critical mission solutions and cyber and intelligence businesses with Amentum.
The transaction, which was first announced in November, will be carried out through a Reverse Morris Trust transaction to form a publicly traded government technology services contractor with an annual revenue of about $13 billion.
“We’re pleased to report that we have now achieved a significant milestone by receiving all approvals and clearances under competition and foreign direct investment laws that are conditioned to the separation transaction,” Pragada said.
“We are steadily advancing our Form 10 filing targeted for early summer. We expect to fulfill the remaining closing conditions and complete the transaction in the second half of the fourth quarter of fiscal year 2024,” the chief executive told analysts.
