Largest repurchase program in company's
history
DALLAS, Feb. 4, 2025
/PRNewswire/ -- The Jacobs' (NYSE: J) Board of Directors has
approved a new incremental share repurchase authorization (the
"2025 Share Repurchase Program"). The 2025 Share Repurchase Program
authorizes the purchase of up to $1.5
billion of Jacobs' common stock over a three-year
period.
Jacobs Chair and CEO Bob Pragada
said, "The Board's authorization of a $1.5
billion share repurchase program, the largest in our
company's history, underscores our confidence in Jacobs's strategic
direction and our commitment to return capital to our shareholders.
This initiative reflects our robust financial position and our
dedication to disciplined capital allocation, aiming to enhance
shareholder returns while continuing to invest in growth
opportunities."
Previously, in 2023, Jacobs' Board of Directors authorized a
share repurchase program of up to $1.0
billion of common stock, which expires on January 25, 2026, (the "2023 Share Repurchase
Program"). At the end of the Company's fiscal first quarter of
2025, Jacobs had $271 million dollars
in remaining authorization under the 2023 Share Repurchase Program.
Jacobs will continue to make repurchases under the 2023 Share
Repurchase Program until fully utilized before making
purchases under the 2025 Share Repurchase Program.
Under the 2025 Share Repurchase Program, purchases may be made
from time to time at management's discretion, in such amounts as
management deems appropriate, through a variety of methods,
including through open market purchases, privately negotiated
transactions or otherwise in accordance with applicable federal
securities laws, and subject to other legal and business
requirements and market conditions, at any time until January 30, 2028. The 2025 Share Repurchase
Program may be suspended or discontinued at any time without
notice.
The company will host its investor day on February 18, 2025, in Miami and will be webcast live on the
company's investor relations site.
At Jacobs, we're challenging today to reinvent tomorrow –
delivering outcomes and solutions for the world's most complex
challenges. With approximately $12
billion in annual revenue and a team of almost 45,000, we
provide end-to-end services in advanced manufacturing, cities &
places, energy, environmental, life sciences, transportation and
water. From advisory and consulting, feasibility, planning, design,
program and lifecycle management, we're creating a more connected
and sustainable world. See how at jacobs.com and connect with
us on LinkedIn, Instagram, X and Facebook.
Certain statements contained in this press release constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are statements that do not directly relate to any
historical or current fact. When used herein, words such as
"expects," "anticipates," "believes," "seeks," "estimates,"
"plans," "intends," "future," "will," "would," "could," "can,"
"may," and similar words are intended to identify forward-looking
statements. Examples of forward-looking statements include, but are
not limited to, statements we make concerning our plans to
repurchase shares under the 2025 Repurchase Program and/or the 2023
Share Repurchase Program, including regarding the amount and/or
timing of any such repurchases. We base these forward-looking
statements on management's current estimates and expectations, as
well as currently available competitive, financial and economic
data. Forward-looking statements, however, are inherently
uncertain. There are a variety of factors that could cause business
results to differ materially from our forward-looking statements
including, but not limited to, uncertainties as to the impact of
the recently completed separation transaction pursuant to which we
spun off and merged our Critical Missions Solutions and Cyber &
Intelligence government services businesses with Amentum (together,
"new Amentum") on Jacobs' and new Amentum's businesses, the timing
of the award of projects and funding and potential changes to the
amounts provided for under the Infrastructure Investment and Jobs
Act and other legislation and executive orders related to
governmental spending, and changes in U.S. or foreign tax laws,
statutes, rules, regulations or ordinances, including the impact
of, and changes to tariffs or trade policies, that may adversely
impact our future financial positions or results of operations, as
well as general economic conditions, including inflation and the
actions taken by monetary authorities in response to inflation,
changes in interest rates and foreign currency exchange rates,
changes in capital markets, the possibility of a recession or
economic downturn, and increased uncertainty and risks, including
policy risks and potential civil unrest, relating to the outcome of
elections across our key markets and elevated geopolitical tension
and conflicts, among others. For a description of these and
additional factors that may occur that could cause actual results
to differ from our forward-looking statements, see our filings with
the U.S. Securities and Exchange Commission. The company is not
under any duty to update any of the forward-looking statements
after the date of this press release to conform to actual results,
except as required by applicable law.
For additional information contact:
Investors:
Bert Subin
JacobsIR@jacobs.com
Media:
Louise White
media@jacobs.com
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SOURCE Jacobs
