Jacobs Solutions profit beats on steady demand at infrastructure services unit

Jacobs Solutions

06/02/2024 13:15

Feb 6 (Reuters) - Engineering services provider Jacobs
Solutions  J.N  beat first-quarter profit and revenue estimates
on Tuesday, helped by steady demand at its infrastructure
services unit.
    The Dallas-based company's shares were up about 1% at
$128.37 before the bell.
    The unit, which accounted for more than half of the
company's 2023 revenue, benefited from U.S. President Joe
Biden's $1 trillion infrastructure bill as state governments
increased spending.
    Jacobs Solutions' infrastructure services unit P&PS provides
technical services, including engineering, architecture and
project management, among others.
    On an adjusted basis, the company earned $2.02 per share,
beating analysts' estimates of $1.51 per share, according to
LSEG data.
    The company has also been going through a restructuring
process to streamline operations and boost margins.
    Jacobs Solutions recorded first-quarter revenue of $4.16
billion, ahead of analysts' estimates of $3.67 billion.

 (Reporting by Aatreyee Dasgupta in Bengaluru; Editing by
Shounak Dasgupta and Pooja Desai)
 ((Aatreyee.Dasgupta@thomsonreuters.com))