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Released February 08, 2018 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Engineering, procurement and construction (EPC) giant Jacobs Engineering Group Incorporated (NYSE:JEC) (Dallas, Texas) expects to see its revenues accelerate for the remainder of fiscal 2018, as its backlog grew substantially in its fiscal first quarter following its acquisition of CH2M. Industrial Info is tracking nearly $93 billion in active projects involving Jacobs, including more than $15 billion worth that are set to begin construction and $9.2 billion worth that are set to finish construction in calendar-year 2018.
The company reported an overall backlog of $26.2 billion at end of its fiscal first quarter, $6.6 billion of which was attributed to the quarter's acquisition of CH2M; the backlog stood at $18.15 billion at the end of fiscal first-quarter 2017.
Jacobs attributed much of the quarter's growth to continued momentum in its Aerospace & Technology and Buildings & Infrastructure businesses. Many of the infrastructure projects that are set to begin or finish construction this year are related to railroad buildouts and improvements, including New Jersey Transit Corporation's (Newark, New Jersey) $184 million in improvements at the County Yard rail yard in New Jersey, which is set to begin over the summer, and the $131 million MAPS 3 streetcar system in Oklahoma City, Oklahoma, which is expected to wrap up toward the end of the year. The 4.6-mile system in Oklahoma City will comprise six cars, 22 stops, and a storage and maintenance facility. For more information, see Industrial Info's reports on the New Jersey and Oklahoma projects.
Construction projects involving Jacobs that are set to wrap up this year can be found across the U.S., including Mitsubishi Corporation's (Tokyo, Japan) $100 million expansion of its polyester film plant in Greer, South Carolina, which will include two new lines for domestic and exported products; Wynn Resorts Limited's (NASDAQ:WYNN) (Las Vegas, Nevada) $20 million central utility plant in Everett, Massachusetts, which will supply power, steam and chilled water to a casino resort; and Uponor North America Incorporated's (Apple Valley, Minnesota) $17.4 million expansion of a polyethylene pipe-manufacturing plant in Apple Valley, which is designed to meet growing demand for PEX tubing. For more information, see Industrial Info's reports on the polyester plant, utility plant and polyethylene pipe plant projects.
Jacobs also noted improving trends in its "more cyclical" Energy and Metals & Minerals businesses. On the energy side, Jacobs is involved in $1.26 billion in Canadian Oil & Gas Pipeline Industry projects that are set to begin or finish construction in calendar-year 2018. Most of that is attributed to Enbridge Incorporated's (NYSE:ENB) (Calgary) pump-station additions for the $7 billion Line 3 Pipeline Replacement Project, running from Hardisty, Alberta, to Superior, Wisconsin. More than half are to be found in Saskatchewan, including a series pump-unit additions near the cities of Bethune, Glenavon, Kerrobert and Odessa that will accommodate an initial flow of 760,000 barrels per day (BBL/d) of Alberta Oil Sands crude. For more information, see Industrial Info's reports on the Bethune, Glenavon, Kerrobert and Odessa projects.
One of Jacobs' largest Metals & Minerals projects is nearing completion: TPCO Enterprise Incorporated's (Houston, Texas) $400 million, second-phase seamless steel pipe rolling and finishing mill in Gregory, Texas. The construction of the 1.3 million-square-foot facility follows 2013's completion of an end-finishing mill; the entire complex will produce 550,000 tons per year of oil country tubular goods. For more information, see Industrial Info's project report.
Jacobs' total revenues for the quarter reached $2.75 billion, a 7.8% increase from the same period last year; because of the CH2M acquisition and a one-time charge related to the recently passed U.S. tax bill, net earnings stood at $2 million, down from $61 million in fiscal first-quarter 2017. Minus these effects, Jacobs notes earnings would be $97 million for the quarter.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
The company reported an overall backlog of $26.2 billion at end of its fiscal first quarter, $6.6 billion of which was attributed to the quarter's acquisition of CH2M; the backlog stood at $18.15 billion at the end of fiscal first-quarter 2017.
Jacobs attributed much of the quarter's growth to continued momentum in its Aerospace & Technology and Buildings & Infrastructure businesses. Many of the infrastructure projects that are set to begin or finish construction this year are related to railroad buildouts and improvements, including New Jersey Transit Corporation's (Newark, New Jersey) $184 million in improvements at the County Yard rail yard in New Jersey, which is set to begin over the summer, and the $131 million MAPS 3 streetcar system in Oklahoma City, Oklahoma, which is expected to wrap up toward the end of the year. The 4.6-mile system in Oklahoma City will comprise six cars, 22 stops, and a storage and maintenance facility. For more information, see Industrial Info's reports on the New Jersey and Oklahoma projects.
Construction projects involving Jacobs that are set to wrap up this year can be found across the U.S., including Mitsubishi Corporation's (Tokyo, Japan) $100 million expansion of its polyester film plant in Greer, South Carolina, which will include two new lines for domestic and exported products; Wynn Resorts Limited's (NASDAQ:WYNN) (Las Vegas, Nevada) $20 million central utility plant in Everett, Massachusetts, which will supply power, steam and chilled water to a casino resort; and Uponor North America Incorporated's (Apple Valley, Minnesota) $17.4 million expansion of a polyethylene pipe-manufacturing plant in Apple Valley, which is designed to meet growing demand for PEX tubing. For more information, see Industrial Info's reports on the polyester plant, utility plant and polyethylene pipe plant projects.
Jacobs also noted improving trends in its "more cyclical" Energy and Metals & Minerals businesses. On the energy side, Jacobs is involved in $1.26 billion in Canadian Oil & Gas Pipeline Industry projects that are set to begin or finish construction in calendar-year 2018. Most of that is attributed to Enbridge Incorporated's (NYSE:ENB) (Calgary) pump-station additions for the $7 billion Line 3 Pipeline Replacement Project, running from Hardisty, Alberta, to Superior, Wisconsin. More than half are to be found in Saskatchewan, including a series pump-unit additions near the cities of Bethune, Glenavon, Kerrobert and Odessa that will accommodate an initial flow of 760,000 barrels per day (BBL/d) of Alberta Oil Sands crude. For more information, see Industrial Info's reports on the Bethune, Glenavon, Kerrobert and Odessa projects.
One of Jacobs' largest Metals & Minerals projects is nearing completion: TPCO Enterprise Incorporated's (Houston, Texas) $400 million, second-phase seamless steel pipe rolling and finishing mill in Gregory, Texas. The construction of the 1.3 million-square-foot facility follows 2013's completion of an end-finishing mill; the entire complex will produce 550,000 tons per year of oil country tubular goods. For more information, see Industrial Info's project report.
Jacobs' total revenues for the quarter reached $2.75 billion, a 7.8% increase from the same period last year; because of the CH2M acquisition and a one-time charge related to the recently passed U.S. tax bill, net earnings stood at $2 million, down from $61 million in fiscal first-quarter 2017. Minus these effects, Jacobs notes earnings would be $97 million for the quarter.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
