UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

Form 8-K
Current Report

Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

Date of Report (date of earliest event reported): July 28, 2014

Jacobs Engineering Group Inc.
(Exact name of Registrant as specified in its charter)


Delaware
1-7463
95-4081636
(State of incorporation)
(SEC File No.)
(IRS Employer identification number)

155 North Lake Avenue, Pasadena, California
91101
(Address of principal executive offices)
(Zip code)

Registrant's telephone number (including area code): (626) 578-3500

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



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Item 2.02 Results of Operations and Financial Condition
On July 28, 2014, Jacobs Engineering Group Inc. (the “Company”) issued a press release announcing its financial results for the third quarter of fiscal 2014 ended June 27, 2014, and certain other financial information. A copy of the press release is attached to this Form 8-K as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits

(d)    Exhibits:
The following exhibit is furnished as part of this Report pursuant to Item 2.02.

99.1
Press Release dated July 28, 2014 announcing the Company's financial results for the third quarter of fiscal 2014 ended June 27, 2014.

The information in this Current Report on Form 8-K, including the exhibit, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Furthermore, this Current Report on Form 8-K, including the exhibit, shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934.
 

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SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: July 29, 2014
JACOBS ENGINEERING GROUP INC.
 
 
By:
/s/_John W. Prosser, Jr.___
 
John W. Prosser, Jr.
 
Executive Vice President
 
Finance and Administration


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EXHIBIT INDEX


99.1    Press Release dated July 28, 2014

4
Exhibit 99.1 Earnings Release Q3 FY 2014
Exhibit 99.1

 
 
 
 
155 North Lake Avenue 91101
 
PO Box 7084
 
Pasadena, California 91109-7084
 
1.626.578.3500 Fax 1.626.578.7144
Press Release
FOR IMMEDIATE RELEASE
July 28, 2014

For additional information contact:

John W. Prosser, Jr.
Executive Vice President, Finance and Administration
626.578.6803

Jacobs Engineering Group Inc. Reports Earnings for the Third Quarter of Fiscal 2014
PASADENA, CALIF - Jacobs Engineering Group Inc. (NYSE:JEC) announced today its financial results for the third quarter of fiscal 2014 ended June 27, 2014.
Third Quarter Fiscal 2014 Highlights:
•
Net earnings for the quarter of $64.8 million;
•
Diluted EPS for the quarter of $0.49; and
•
Backlog at June 27, 2014 of $18.5 billion.

Jacobs reported today net earnings of $64.8 million, or $0.49 per diluted share, on revenues of $3.2 billion for its third quarter of fiscal 2014 ended June 27, 2014. This compares to net earnings of $108.9 million, or $0.83 per diluted share, on revenues of $3.1 billion for the third quarter of fiscal 2013 ended June 28, 2013.

Included in the company’s results for the quarter ended June 27, 2014 is an aggregate after tax negative impact of $47.0 million or $0.35 per diluted share related to restructuring efforts.

Jacobs also announced total backlog of $18.5 billion at June 27, 2014, including a technical professional services component of $12.3 billion. This is up approximately 7.5% from total backlog and up approximately 11.2% from technical professional services backlog of $17.2 billion and $11.1 billion, respectively, at June 28, 2013.

Commenting on the results for the third quarter, Jacobs President and CEO Craig Martin stated, “Third Quarter results reflect good underlying performance by the business.  In spite of delays in investment decisions in a number of markets, we were able to continue to build backlog. Our control of SG&A costs was also good.  Our customers' capital expenditure forecasts remain robust and our prospect list is good. Our outlook for the fourth quarter and for FY15 continues to be positive.”
 


1
Exhibit 99.1

Commenting on the Company’s earnings outlook for the remainder of fiscal 2014, Jacobs Chief Financial Officer John W. Prosser, Jr. stated, “We’re making good progress with the restructuring and expect it to be complete by the end of FY14. Excluding the unusual adjustments in the first half and the net impact of restructuring in the second, we expect our EPS for the year to be slightly below the midpoint of Q2 guidance which was $3.15 to $3.55 per share.”
 
Jacobs is hosting a conference call at 11:00 a.m. Eastern Time on Tuesday, July 29, 2014, which it is 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 as actual results may differ materially. We caution the reader that there are a variety of risks, uncertainties and other factors that could cause actual results to differ materially from what is contained, projected or implied by our forward-looking statements. For a description of some of the factors that may occur that could cause actual results to differ from our forward-looking statements see our Annual Report on Form 10-K for the period ended September 27, 2013, 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, as well as the Company’s other filings with the Securities and Exchange Commission. 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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Exhibit 99.1


Financial Highlights:
Results of Operations (in thousands, except per-share data):        
 
Three Months Ended

Nine Months Ended
 
June 27, 2014

June 28, 2013

 
June 27, 2014

June 28, 2013

Revenues
$
3,231,791

$
3,080,995

 
$
9,476,715

$
8,675,720

Costs and Expenses:
 
 
 
 
 
Direct costs of contracts
(2,670,052
)
(2,613,991
)
 
(7,944,731
)
(7,308,092
)
Selling, general, and administrative expenses
(437,802
)
(298,645
)
 
(1,140,565
)
(873,797
)
Operating Profit
123,937

168,359

 
391,419

493,831

Other Income (Expense):
 
 
 
 
 
Interest income
2,624

1,332

 
7,425

3,521

Interest expense
(5,565
)
(2,786
)
 
(10,490
)
(9,515
)
Gain on sale of intellectual property, net
—

—

 
12,147

—

Miscellaneous expense, net
(2,950
)
1,518

 
(3,139
)
(1,195
)
Total other income (expense), net
(5,891
)
64

 
5,943

(7,189
)
Earnings Before Taxes
118,046

168,423

 
397,362

486,642

Income Tax Expense
(46,737
)
(56,334
)
 
(136,304
)
(162,941
)
Net Earnings of the Group
71,309

112,089

 
261,058

323,701

Net Earnings Attributable to
  Noncontrolling Interests
(6,467
)
(3,218
)
 
(19,024
)
(11,419
)
Net Earnings Attributable to Jacobs
$
64,842

$
108,871

 
$
242,034

$
312,282

Earnings Per Share (“EPS”):
 
 
 
 
 
Basic
$
0.50

$
0.84

 
$
1.86

$
2.42

Diluted
$
0.49

$
0.83

 
$
1.83

$
2.39

 
 
 
 
 
 
Weighted Average Shares Used to Calculate EPS:
 
 
 
 
 
Basic
130,738

129,536

 
130,417

129,094

Diluted
132,611

131,295

 
132,460

130,590





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Exhibit 99.1



Other Operational Information (in thousands):    
 
Three Months Ended
 
Nine Months Ended
 
June 27, 2014
June 28, 2013
 
June 27, 2014
June 28, 2013
Revenues by Major Component:
 
 
 
 
 
Technical professional services
$
1,893,095

$
1,719,986

 
$
5,437,593

$
5,026,034

Field services
1,338,696

1,361,009

 
4,039,122

3,649,686

Total
$
3,231,791

$
3,080,995

 
$
9,476,715

$
8,675,720

 
 
 
 
 
 
Depreciation (pre-tax)
$
25,684

$
17,737

 
$
70,701

$
49,828

Amortization of Intangibles (pre-tax)
$
13,641

$
6,646

 
$
35,329

$
22,327

Pass-Through Costs Included in Revenues
$
700,294

$
674,715

 
$
2,152,875

$
1,794,748

 
 
 
 
 
 
Capital Expenditures
$
(25,081
)
$
(27,035
)
 
$
(92,033
)
$
(91,520
)

Selected Balance Sheet and Backlog Information (in thousands):    
 
June 27, 2014
June 28, 2013
Balance Sheet Information:
 
 
Cash and cash equivalents
$
772,613

$
1,295,517

Working capital
1,583,178

2,066,934

Total debt
830,767

444,976

Total Jacobs stockholders' equity
4,501,027

4,091,606

 
 
 
Backlog Information:
 
 
Technical professional services
$
12,324,244

$
11,087,100

Field services
6,162,976

6,108,500

Total
$
18,487,220

$
17,195,600


Non-U.S. GAAP Financial Measures:

The following table reconciles certain elements of the Company's results of operations excluding the 2014 Restructuring to its U.S GAAP results of operations. Although such information is non-GAAP in nature, it is presented because management believes it provides a better view of the Company’s operating results to investors to assess the Company’s performance and operating trends.
 
Without 2014 Restructuring
 
Effects of 2014 Restructuring
 
U.S. GAAP
 Consolidated pre-tax earnings (loss)
$
174,701

 
$
(56,654
)
 
$
118,047

 Tax (expense) benefit
(56,440
)
 
9,702

 
(46,738
)
 Net earnings of the Group
118,261

 
(46,952
)
 
71,309

 Non-controlling interests
(6,467
)
 
—

 
(6,467
)
 Net earnings of Jacobs
$
111,794

 
$
(46,952
)
 
$
64,842

 Diluted earnings (loss) per share
$
0.84

 
$
(0.35
)
 
$
0.49


[ END ]


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