Jacobs Solutions Initiates FY24 Outlook

(RTTNews) - Jacobs Solutions Inc. (J) announced the company's outlook for fiscal 2024 adjusted EBITDA is $1.53 billion to $1.60 billion and adjusted EPS is $7.70 to $8.20, up 9% and 10% at the midpoints, respectively. Jacobs noted that its guidance incorporates full-year contribution of businesses to be separated.

The company expects approximately 10% negative year-over-year adjusted EPS decline in the first quarter due to seasonality and temporarily elevated overhead costs needed to support the CMS separation.

Jacobs' CFO Claudia Jaramillo said, "Looking into fiscal 2024 and beyond, we are aligned to multiple large, growing and well-funded priorities including global infrastructure modernization, climate response and investments in critical supply chains. Further, we are committed to delivering on a bold cost optimization plan and targeting at least 300 basis points of margin improvement in fiscal year 2025."

Jacobs will spin-off and merge its CMS business with Amentum. The deal is expected to close in second half of fiscal 2024.

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