Jacobs Solutions falls on mixed Q2 results, narrowed 2024 forecast

Jacobs Solutions

07/05/2024 15:32

** Engineering services provider Jacobs Solutions' shares
 J.N  fall 3% to $144.57
    ** Co narrows FY 2024 adj EPS forecast to between $7.70 and
$8.10, down from previous upper end of $8.20, prompted by costs
related to spin-off of Critical Missions Solutions segment
    ** Jacobs sees 2024 adj EBITDA at range of $1.54 bln to
$1.59 bln, below earlier forecast of $1.53 bln to $1.6 bln 
    ** Co posts higher Q2 revenue as steady demand in 
infrastructure services segment offset inflationary headwinds,
restructuring costs
    ** Q2 revenue rose ~5% year-over-year to $4.27 bln, above
estimates of $3.98 bln - LSEG data
    ** Quarterly adj EPS fell 7% to $1.91 from a year earlier,
but beat estimates of $1.85
    ** Stock has risen 11.3% YTD 

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))