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Jacobs Announces Determination of Post-Closing Adjustments Relating to the Critical Mission Solutions Separation Transaction
Prnewswire· 2025-04-10 20:07
Core Insights - Jacobs announced it received $70 million and 7,299,065 shares of Amentum Holdings, Inc. as part of the CMS Separation Transaction, marking the final adjustments related to this merger [1][2][3] Financial Impact - The $70 million received was utilized to repay a portion of Jacobs' outstanding debt [2] - The shares of Amentum common stock represent 3% of Amentum's outstanding shares at the time of the transaction's closure, with plans to distribute them to Jacobs' shareholders pending Board approval [2] Transaction Completion - The final determination of post-closing adjustments signifies the completion of the CMS Separation Transaction, aside from certain ongoing transition services [3] Company Overview - Jacobs operates with approximately $12 billion in annual revenue and a workforce of nearly 45,000, providing comprehensive services across various sectors including advanced manufacturing, energy, and environmental solutions [4]
Tetra Tech Secures Extended Multiple-Award OASIS+ Contract From GSA
ZACKS· 2025-04-09 15:25
Core Insights - Tetra Tech, Inc. (TTEK) has secured an extended One Acquisition Solution for Integrated Services (OASIS+) contract from the Government Services Administration (GSA) for broad service areas, with financial terms undisclosed [1] - The five-year, multiple-award Indefinite Delivery Indefinite Quantity contract includes various technical service areas to support federal agencies, building on Tetra Tech's previous success under the OASIS contract, where the company earned over $725 million in project awards [2] Recent Contracts and Growth Drivers - Tetra Tech has recently received multiple contracts that are expected to drive growth, including a contract from the U.S. Army Corps of Engineers (USACE) for architect-engineer services [3] - In March 2025, Tetra Tech secured a contract from United Utilities for managing flooding and stormwater control in the UK, along with three contracts worth $416 million from USACE for technical services in the Indo-Pacific region [4] - In October 2024, Tetra Tech obtained a $249 million contract from USACE Omaha District for environmental evaluation and design services across the U.S. [5] Financial Performance and Challenges - Tetra Tech currently holds a Zacks Rank 4 (Sell), with shares declining by 27.1% over the past year, compared to a 20.5% decline in the industry [6] - The company is facing rising operating costs and expenses, which may impact margins, alongside high debt levels that could affect profitability [6]
Middleby's Q4 Earnings and Sales Beat Estimates, Increase Y/Y
ZACKS· 2025-02-26 17:30
Core Insights - The Middleby Corporation (MIDD) reported fourth-quarter 2024 adjusted earnings of $2.88 per share, exceeding the Zacks Consensus Estimate of $2.50, with an 8.7% year-over-year increase despite lower sales [1] - Net sales reached $1.01 billion, surpassing the consensus estimate of $995 million, marking a 0.5% year-over-year increase, although organic sales decreased by 1.3% [1] Segmental Results - The Commercial Foodservice Equipment Group, accounting for 60.1% of net sales, generated $609.4 million, down 2.9% year over year, with organic sales decreasing by 2.8% [3] - The Residential Kitchen Equipment Group, representing 18.3% of sales, totaled $185 million, a decline of 2.1% year over year, with organic sales plunging by 2.4% [4] - The Food Processing Equipment Group, making up 21.6% of sales, reported $219.4 million, an increase of 14.4% year over year, with organic sales rising by 4.7% [5] Margin Profile - Cost of sales increased by 0.5% year over year to $624.9 million, while gross profit rose by 0.6% to $388.9 million, maintaining a gross margin of 38.4% [6] - Selling, general and administrative expenses decreased by 6.9% year over year to $178.4 million, leading to an operating income increase of 8.2% to $208.5 million, with an operating margin of 20.6% [6] Cash Flow and Balance Sheet - At the end of the first quarter, cash and cash equivalents stood at $689.5 million, up from $247.5 million at the end of December 2023, while long-term debt decreased to $2.35 billion [8] - In 2024, net cash generated from operating activities was $686.8 million, compared to $628.8 million in the previous year, with free cash flow reaching $640 million [9] Strategic Developments - Middleby announced plans to spin off its food processing business into a standalone public company, expected to be completed by early 2026, aiming to enhance strategic focus and capital optimization for both entities [10][11] - The food processing business reported revenues of $731 million with a 25% adjusted EBITDA margin, while the commercial foodservice segment achieved $2.4 billion in revenues with a 27% adjusted EBITDA margin [12]