(Reuters) – Engineering services provider Jacobs Solutions beat first-quarter profit and revenue estimates on Tuesday, helped by steady demand at its infrastructure services unit.
The Dallas-based company’s shares were up about 1% at $128.37 before the bell.
The unit, which accounted for more than half of the company’s 2023 revenue, benefited from U.S. President Joe Biden’s $1 trillion infrastructure bill as state governments increased spending.
Jacobs Solutions’ infrastructure services unit P&PS provides technical services, including engineering, architecture and project management, among others.
On an adjusted basis, the company earned $2.02 per share, beating analysts’ estimates of $1.51 per share, according to LSEG data.
The company has also been going through a restructuring process to streamline operations and boost margins.
Jacobs Solutions recorded first-quarter revenue of $4.16 billion, ahead of analysts’ estimates of $3.67 billion.
(Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Shounak Dasgupta and Pooja Desai)
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