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Jacobs (J) Wins $249-Million IDIQ Contract to Support US Navy
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Jacobs Solutions Inc. (J - Free Report) secured an indefinite delivery indefinite quantity (IDIQ) architecture and engineering (AE) services contract from the Department of the Navy, Naval Facilities Engineering Systems Command Southwest (NAVFAC). This contract has an initial two-year base period with the option to renew for an additional six years. The estimated value of the contract from NAVFAC is $249 million.
Per the contract, J will manage multi-discipline Architecture-Engineering Services in Arizona, California, Colorado, Nevada, New Mexico, Utah and other approved areas of responsibility.
The scope of work includes the delivery of architecture and engineering services for commercial, institutional, industrial, operations and training, research and development, medical and quality-of-life facilities at defense installations within the area of responsibility.
Contract Wins: A Boost for the Backlog
The company’s ongoing contract wins portray its efficient project execution capabilities, which are driving its performance over the last few quarters. As of Mar 31, 2023, the company’s total backlog was $29 billion, up 4% year over year.
Although the professional, technical and construction services provider is gaining from consistent contract wins, its growth is affected by foreign exchange risks in international businesses and expected increase in incentive expenses.
Image Source: Zacks Investment Research
In the past three months, shares of Jacobs have declined 4.4% compared with the industry’s 2.5% fall. Earnings estimates for fiscal 2023 have declined to $7.37 per share from $7.38 in the past 30 days.
Nonetheless, a solid backlog level depicts accelerating demand for Jacobs’s consulting services for infrastructure, water, environment, space, broadband, cybersecurity and life sciences. A higher-margin backlog, focus on generating efficiencies through digital and technological solutions and solid project execution bode well.
Inspired Entertainment carries a Zacks Rank #1 (Strong Buy). INSE has a trailing four-quarter earnings surprise of 28.1%, on average. Shares of INSE have gained 36.7% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for INSE’s 2023 sales and EPS indicates a rise of 20.4% and 42.9%, respectively, from the year-ago period’s levels.
SPXC Technologies carries a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 28.4%, on average. Shares of SPX have increased 4.2% in the past year.
The Zacks Consensus Estimate for SPXC’s 2023 sales and EPS indicates a rise of 11.7% and 26.5%, respectively, from the year-ago period’s levels.
SPSC Technologies carries a Zacks Rank #2 (Buy). The company has a trailing four-quarter earnings surprise of 16.4%, on average. Shares of SPSC have increased 54% in the past year.
The Zacks Consensus Estimate for SPSC’s 2023 sales and EPS indicates a rise of 17% and 14%, respectively, from the year-ago period’s levels.
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Jacobs (J) Wins $249-Million IDIQ Contract to Support US Navy
Jacobs Solutions Inc. (J - Free Report) secured an indefinite delivery indefinite quantity (IDIQ) architecture and engineering (AE) services contract from the Department of the Navy, Naval Facilities Engineering Systems Command Southwest (NAVFAC). This contract has an initial two-year base period with the option to renew for an additional six years. The estimated value of the contract from NAVFAC is $249 million.
Per the contract, J will manage multi-discipline Architecture-Engineering Services in Arizona, California, Colorado, Nevada, New Mexico, Utah and other approved areas of responsibility.
The scope of work includes the delivery of architecture and engineering services for commercial, institutional, industrial, operations and training, research and development, medical and quality-of-life facilities at defense installations within the area of responsibility.
Contract Wins: A Boost for the Backlog
The company’s ongoing contract wins portray its efficient project execution capabilities, which are driving its performance over the last few quarters. As of Mar 31, 2023, the company’s total backlog was $29 billion, up 4% year over year.
Although the professional, technical and construction services provider is gaining from consistent contract wins, its growth is affected by foreign exchange risks in international businesses and expected increase in incentive expenses.
Image Source: Zacks Investment Research
In the past three months, shares of Jacobs have declined 4.4% compared with the industry’s 2.5% fall. Earnings estimates for fiscal 2023 have declined to $7.37 per share from $7.38 in the past 30 days.
Nonetheless, a solid backlog level depicts accelerating demand for Jacobs’s consulting services for infrastructure, water, environment, space, broadband, cybersecurity and life sciences. A higher-margin backlog, focus on generating efficiencies through digital and technological solutions and solid project execution bode well.
Zacks Rank & Key Picks
Jacobs currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the Zacks Business Services sector are Inspired Entertainment (INSE - Free Report) and SPX Technologies, Inc. (SPXC - Free Report) , SPS Commerce (SPSC - Free Report)
Inspired Entertainment carries a Zacks Rank #1 (Strong Buy). INSE has a trailing four-quarter earnings surprise of 28.1%, on average. Shares of INSE have gained 36.7% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for INSE’s 2023 sales and EPS indicates a rise of 20.4% and 42.9%, respectively, from the year-ago period’s levels.
SPXC Technologies carries a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 28.4%, on average. Shares of SPX have increased 4.2% in the past year.
The Zacks Consensus Estimate for SPXC’s 2023 sales and EPS indicates a rise of 11.7% and 26.5%, respectively, from the year-ago period’s levels.
SPSC Technologies carries a Zacks Rank #2 (Buy). The company has a trailing four-quarter earnings surprise of 16.4%, on average. Shares of SPSC have increased 54% in the past year.
The Zacks Consensus Estimate for SPSC’s 2023 sales and EPS indicates a rise of 17% and 14%, respectively, from the year-ago period’s levels.