The recent financial results of Jacobs Solutions Inc. for the fiscal second quarter ending on March 29, 2024, were successful. The company experienced a 4.7% increase in revenue compared to the previous year, reaching $4.3 billion. Particularly, the People and Places Solutions segment showed significant growth of 7.5%. Although operating profit saw a minor decrease of 3% year-over-year, adjusted operating profit demonstrated a strong increase of 10%.

Jacobs also executed a $95 million share repurchase during the quarter and updated its fiscal 2024 adjusted EBITDA and adjusted EPS guidance.

CEO Bob Pragada expressed contentment with the company's performance in the quarter, emphasizing the exceptional results in the People & Places Solutions segment. Efforts to improve operational efficiency and reduce costs regarding the separation of the CMS and Cyber & Intelligence business are progressing well. Interim CFO Kevin Berryman highlighted the team's dedication to delivering high-value solutions and operational excellence.

Despite falling slightly below the expected earnings per share (EPS) of $1.85, Jacobs managed to surpass forecasts with an adjusted EPS of $1.91 for the quarter. However, the revenue was slightly lower than anticipated at $4.27 billion compared to an expected $4.33 billion. The company's backlog increased by 1.5% year-over-year, reaching $29.4 billion, with gross profit in backlog showing a 3.7% increase.

Moving forward, Jacobs narrowed its fiscal 2024 adjusted EBITDA forecast to a range of $1,540 million to $1,585 million and adjusted EPS to $7.80 to $8.10, indicating a positive outlook for the year. The planned separation transaction is progressing according to schedule, with all necessary approvals in place, and is expected to conclude in the second half of the fiscal year, further enhancing the company's operations and shareholder value.