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Jacobs Q3 Fiscal 2023 Revenue Up 9%, Execs Update Investors on Critical Mission Solutions Business Spinoff

Jacobs Solutions (NYSE: J) reported fiscal year 2023 third-quarter revenue of $4.2 billion, a 9.4 percent increase over the same period a year ago and maintained its full-year adjusted earnings outlook of $7.25 per share to $7.45 per share.

The Dallas-based company’s total backlog as of June 30 stood at $28.9 billion, up 2.9 percent from prior-year figures, according to an earnings statement published Tuesday.

Bob Pragada, CEO of Jacobs, said in a quarterly earnings call the company has received “positive interest from multiple outside parties” in connection with the pending spinoff of its Critical Mission Solutions business.

“We are currently evaluating this interest consistent with our commitment to maximize shareholder value.”

Jacobs expects to complete the CMS separation in its 2024 fiscal year, and outgoing Chief Financial Officer Kerry Berryman noted the company started evaluating its cost structure to focus efforts on advanced facilities and infrastructure businesses.

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