Jacobs gains on plan to spin-off government services unit, Q2 results beat

Jacobs Solutions

09/05/2023 15:32

** Shares of engineering and construction services provider
Jacobs Solutions Inc  J.N  up 4.2% at $122.24
    ** Co says board has unanimously approved a plan to spin-off
its government services unit, Critical Mission Solutions (CMS), 
in a move to streamline its operations and boost margins
    ** Separation, which will result into two independent
companies, expected to be completed in second half of 2024
    ** Says CMS' EVP and President Steve Arnette to continue in
the leadership role
    ** Separately, Jacobs reports Q2 adj. EPS from continuing
operations of $1.81, beating analysts' estimates of $1.75 -
Refinitiv 
    ** Revenue of $4.08 bln beats ests of $3.83 bln
    ** Co, however, narrowed its forecast range for adj EPS to
$7.25 to $7.45 
    ** Up to last close, stock has risen 1.7% YTD

 (Reporting by Sri Hari N S in Bengaluru)
 ((SriHari.NS@thomsonreuters.com;))