Welcome to our dedicated page for Jacobs Engr Group news (Ticker: J), a resource for investors and traders seeking the latest updates and insights on Jacobs Engr Group stock.
Jacobs Solutions Inc. provides engineering, consulting, design, program management and lifecycle services for public- and private-sector infrastructure and industry clients. Company news commonly covers quarterly results, backlog and cash-return actions, as well as contract awards in transportation, water, energy, environmental, life sciences, advanced manufacturing, and cities and places markets.
Recurring updates also include mobility and transit design work, power transmission and distribution frameworks, flood resilience and AI-enabled infrastructure tools such as Flood IQ, and consulting assignments for cities, utilities and government agencies.
Amentum (NYSE:AMTM) will join the S&P 500 effective prior to the open on Sept 30, 2024, replacing Bath & Body Works (NYSE:BBWI). Bath & Body Works will move to the S&P SmallCap 600 prior to the open on Oct 1, 2024, replacing Movado (NYSE:MOV).
Jacob's Solutions (NYSE:J) is spinning off its Critical Mission Solutions and Cyber Intelligence business, which will merge with private Amentum to create the newly public Amentum Holdings in a transaction expected to complete on Sept 30, 2024. S&P Dow Jones Indices says Bath & Body Works is no longer representative of the large-cap market space and Movado is no longer representative of the small-cap market space.
Jacobs Solutions has announced key dates for the spin-off of its Critical Mission Solutions and Cyber & Intelligence government services businesses. The record date is set for September 23, 2024, and the distribution date for September 27, 2024. This spin-off will merge these businesses with Amentum, creating a new publicly traded company on the NYSE under the ticker symbol AMTM.
Jacobs shareholders will receive one share of Amentum common stock for every Jacobs share held on the record date. Post-transaction, Jacobs shareholders will own 51% of Amentum, with Jacobs retaining 7.5%. An additional 4.5% will be held in escrow as contingent consideration. Jacobs intends to dispose of its stake in Amentum within 12 months of the distribution.
Jacobs (NYSE:J) has elected Michael Collins to its Board of Directors, effective September 23, 2024. Collins, currently a Partner at Bain & Company, brings extensive experience in global management consulting. His expertise includes developing growth strategies, evaluating acquisitions and divestitures, and implementing organizational change across various industries.
CEO Bob Pragada expressed enthusiasm about Collins' appointment, highlighting the value of his insights for Jacobs' expansion in high-margin consulting and advisory services. Collins holds a bachelor's degree in accounting from Loyola University, Chicago, and an MBA from Harvard Business School.
Jacobs, with $16 billion in annual revenue and a workforce of over 60,000, provides professional services in consulting, technical, scientific, and project delivery sectors for both government and private clients.
Jacobs (NYSE:J) has announced significant leadership changes. Bob Pragada, the current CEO, will also assume the role of Chair of the Board upon the separation of the company's Critical Mission Solutions and Cyber and Intelligence businesses. This marks Pragada as the fourth Chair in Jacobs' history. Steve Demetriou, the current Chair, will transition to Amentum as their new Executive Chair.
Additionally, Louis Pinkham has been elected as the new Lead Independent Director, replacing Chris Thompson who will move to the Amentum Board. These changes reflect Jacobs' commitment to continued growth and innovation in its core businesses, which generate approximately $16 billion in annual revenue with a workforce of over 60,000 employees.
Jacobs (NYSE:J) has been chosen by King Salman International Airport Development Company to provide concept masterplan validation, detailed masterplan design, runway design, and other services for the King Salman International Airport in Riyadh, Saudi Arabia. The project, part of Saudi Arabia's Vision 2030, will cover an area of 57 square kilometers and include six parallel runways, new terminals, and real estate development.
The airport aims to accommodate up to 100 million passengers annually by 2030. It will prioritize low-carbon design, renewable energy, and technological innovation to achieve LEED Platinum certification. Jacobs and Foster + Partners previously won a competition to design the concept masterplan for the airport.
Jacobs (NYSE:J) has been awarded an extension as program management consultant for the District Department of Transportation's (DDOT) DC Streetcar project. The two-year extension expands Jacobs' scope to include oversight of operations, maintenance, on-site engineering, safety planning, and communications. The 2.4-mile electric streetcar route serves a mixed-use corridor in Washington, D.C., connecting communities and providing an eco-friendly transit option.
The project has seen daily ridership reach up to 3,500 passengers, reviving D.C.'s streetcar history that dates back to the 1880s. Jacobs, ranked No.1 in Program Management by Engineering News-Record, brings its experience from global projects like Expo 2020 Dubai and the Thames Tideway Tunnel to support DDOT in enhancing mobility, connectivity, and economic opportunities along the streetcar corridor.
Amentum, a global engineering and technology solutions provider, is hosting its capital markets day at the New York Stock Exchange. The event will feature presentations from the executive leadership team discussing the company's strategy, financial outlook, and capabilities. Key highlights include:
1. The planned combination with Jacobs Solutions Inc.'s Critical Mission Solutions and Cyber & Intelligence businesses through a Reverse Morris Trust transaction.
2. Post-transaction leadership team: Steve Demetriou (Executive Chair), John Heller (CEO), Travis Johnson (CFO), and Steve Arnette (COO).
3. Projected revenue for fiscal year 2025 of approximately $14 billion.
4. Combined backlog of $47 billion as of September 29, 2023.
5. Focus on advanced engineering and technology solutions for complex missions in science, security, and sustainability.
Jacobs Solutions Inc. (NYSE: J) reported its fiscal Q3 2024 earnings, showcasing strong consolidated margins and record backlog growth in its People & Places Solutions (P&PS) segment. Key highlights include:
- Cash flow from operations: $483 million
- Adjusted EPS from continuing operations: $1.96, up 11% y/y
- Total backlog: $30.6 billion, up 6% y/y
- P&PS backlog: $19.3 billion, up 10.2% y/y
- P&PS operating margin: 10.6% on gross revenue, 15.3% adjusted
The company narrowed its fiscal 2024 adjusted EPS outlook to $7.85-$8.05, representing 10% growth y/y at the mid-point. Jacobs is progressing with its planned separation of Critical Mission Solutions and Cyber & Intelligence businesses, expected to close in September 2024.
Jacobs (NYSE:J) has been selected as Program Manager for the Alliance for Renewable Clean Hydrogen Energy Systems (ARCHES), a public-private partnership establishing a statewide clean hydrogen hub in California. The project, part of the U.S. Department of Energy's H2Hubs program, aims to accelerate the clean hydrogen economy. Jacobs will lead the Program Management Office, overseeing delivery and integrating project activities across the entire hydrogen lifecycle.
By 2032, the hub is expected to have a hydrogen generation capacity of 190,000 metric tons per year, avoiding 2.5 million metric tons of greenhouse gas emissions annually. The project is forecasted to create over 220,000 new green jobs and save $2.95 billion in healthcare costs annually. ARCHES is set to receive approximately $1.2 billion in DOE funding, with an overall project value of nearly $13 billion.
Jacobs (NYSE: J) has been contracted by Onondaga County, New York, to provide program management services for the county's combined sewer overflow (CSO) abatement and capacity, management, operations, and maintenance programs. The new five-year contract extends Jacobs' long-term role and incorporates their Digital OneWater solutions to improve sewer system performance county-wide.
Key points:
- Jacobs has managed Onondaga County's CSO program since 2008, overseeing 200+ green stormwater infrastructure projects
- The county was one of the first in the U.S. to achieve Federal CSO Consent Order closure
- The new contract includes finalizing the Long-Term Control Plan for CSO abatement and developing a capacity management program
- Jacobs will use its Dragonfly and Argon technologies to review pipe inspection videos and prioritize repairs