Jacobs (NYSE: J) posted net income of $216.5 million or $1.70 per share for the second quarter of its 2023 fiscal year, compared to $88.8 million or $0.68 per share from the prior-year period.
The company said Tuesday its revenue for the three months that ended March 31 rose 6.4 percent to $4.1 billion and total backlog during the quarter totaled $29 billion, up 4.4 percent year over year.
Separately, Jacobs’ board of directors approved a plan to separate the Critical Missions Solutions segment into an independent entity that will serve federal government clients and the company expects to complete the spinoff in FY 2024’s second half.
The CMS organization, led by Steve Arnette, generated $4.4 billion in fiscal 2022 revenue.
“The decision to separate CMS is a result of a comprehensive review and evaluation to identify opportunities that streamline our portfolio and maximize strategic focus and potential growth opportunities for both future companies,” Jacobs CEO Bob Pragada told analysts in an earnings call.
“We will sharpen both companies’ focus on their distinct strategies and operational initiatives that are most relevant to the specific industries in which they operate.”
Jacobs attributed the strong quarterly performance across its portfolio primarily to a 21 percent year-over-year operating profit growth in the People and Places Solutions business.
