Technically the stock has broken below the 50 day moving average and the past few days has been stopped dead cold (intraday high) each time it touched it ($43ish) - might consider a short to hedge against my smallish long on this one.
Full report here- Construction services firm Jacobs Engineering Group Inc (JEC) posted a higher quarterly profit that beat analysts' estimates, helped by rise in field services revenue, but cut the upper end of its 2009 earnings outlook, citing market uncertainty. For the first quarter ended Dec. 31, 2008, the company reported earnings of $116.4 million, or 94 cents a share, compared with earnings of $98.4 million, or 79 cents a share in the year-ago period.
- Revenue rose 24 percent to $3.23 billion. Field services revenue rose 33 percent to $1.7 billion. Analysts on average were expecting earnings of 89 cents a share, before items, on revenue of $3.12 billion, according to Reuters Estimates.
Guidance
- For 2009, the company now expects to earn $3.55 to $3.90 a share, compared with its prior view of $3.55 to $4.05.
Backlog
At the end of the quarter, Jacobs Engineering's yet-to-be filled orders totaled $16 billion compared to $15 billion in the previous year. That includes the removal of about $840 million in revenue from its order backlog during the quarter after certain clients canceled projects.
Cash
- Our balance sheet strengthened as our net cash reached $746 million.
So far cancellation still appear to be manageable... we'll see what Fluor (FLR) says on their report - these are the two bellweathers for infrastructure.
Long Jacobs Engineering Group in fund; no personal position
