Jacobs beats quarterly profit estimates on strong infrastructure demand
Jacobs beats quarterly profit estimates on strong infrastructure demand Aug 4(Reuters) - Engineering services provider Jacobs Solutions J.N on Tuesday beat Wall Street estimates for third-quarter profit, helped by a strong demand for its data-center infrastructure services.
Demand for data-center infrastructure has surged as more companies adopt AI, benefiting firms such as Jacobs, which provides planning, engineering and construction-management services.
Here are some details:
"As spending on the AI build-out has ramped up, we have been able to...help deliver increasingly complex manufacturing and compute facilities," CFO Venk Nathamuni said.
Jacobs' operating profit in its infrastructure and advanced facilities segment grew 13.6% to $268 million in the third quarter from a year ago.
The Dallas, Texas-based company's adjusted profit rose to $1.84 per share in the quarter ended June, up from $1.62 a year ago.
Analysts on average expected quarterly profit of $1.83 per share.
Jacobs' third-quarter revenue rose 34.5% to $4.08 billion, compared with $3.03 billion a year earlier.
(Reporting by Aishwarya Jain in Bengaluru; Editing by Shreya Biswas)
((aishwarya.jain@thomsonreuters.com))
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Jacobs beats quarterly profit estimates on strong infrastructure demand