- Jacobs Engineering (JEC -3.8%) is lower as its Q4 results reveal a 10% Y/Y drop in revenues, led by a decline in its petroleum and chemicals segment.
- JEC's Q4 industrial revenue, the company's largest segment, rose 12% Y/Y to $752M, but sales in petroleum and chemicals, the second largest segment, sank 47% to $642M.
- JEC says total backlog at year-end 2016 was $18.1B, including a professional services component of $12.2B, vs. an $18.2B backlog with a $11.4B professional services component in the year-ago period.
- JEC's "margin performance in the quarter is a positive but the revenue miss is a reminder that end markets will likely remain challenging over the intermediate term," Wells Fargo analysts say.