Analyst Note
| Krzysztof Smalec, CFA |Jacobs Engineering reported solid fiscal first-quarter results, as its adjusted EPS of $1.41 easily beat the $1.28 FactSet consensus estimate. Management raised the lower end of its full-year fiscal 2021 adjusted EPS guidance range by a dime, to $5.30-$6.00 from $5.20-$6.00. After updating our near-term projections, we are bumping our fair value estimate for Jacobs Engineering to $124 from $120, which reflects the firm’s consistently strong execution, a more upbeat outlook, as well as time value of money since our last update.