DALLAS - Jacobs Solutions Inc. (NYSE: J), a company specializing in professional services, announced the appointment of Kevin Berryman as the interim Chief Financial Officer, effective last Thursday. Berryman takes over from Claudia Jaramillo, who is leaving the company to explore new opportunities. The company is actively searching for a permanent CFO with the help of an executive search firm.
Berryman, who has previously served as Jacobs' CFO for more than nine years, returns to the financial helm during a period of strategic realignments, including the separation of the company's Critical Mission Solutions and Cyber & Intelligence businesses. Jacobs' CEO, Bob Pragada, commended Berryman's past contributions and strategic leadership, expressing confidence in his ability to guide the company's financial operations during this interim period.
Kevin Berryman stated his commitment to maintaining the company's financial and operational targets while a new CFO is being selected. He highlighted the positive outcomes of recent initiatives aimed at optimizing the company's cost structure and promoting profitable growth.
The company also reaffirmed its fiscal year 2024 outlook, expecting to meet its adjusted EBITDA and adjusted EPS projections, which exclude certain restructuring and transaction charges and account for the full-year contributions from the recently separated businesses. Further details on the fiscal update will be shared in the upcoming earnings call scheduled for May 7, 2024.
Berryman's extensive experience includes roles at International Flavors and Fragrances Inc. and Nestlé, prior to his tenure at Jacobs. He also serves on the boards of Sealed Air (NYSE:SEE) Corporation and ITT Inc (NYSE:NYSE:ITT).
Jacobs, with annual revenues of about $16 billion and over 60,000 employees, provides a range of services for government and private sector clients, focusing on creating solutions for cities, environments, and various industries.
This announcement is based on a press release statement from Jacobs Solutions Inc.
InvestingPro Insights
As Jacobs Solutions Inc. (NYSE: J) navigates through its leadership transition and strategic business realignments, the company's financial health and market performance remain critical factors for investors.
According to InvestingPro data, Jacobs has a market capitalization of $19.32 billion, reflecting its significant presence in the professional services industry. The company's price-to-earnings (P/E) ratio stands at 27.34, which suggests a premium valuation that investors are willing to pay for its earnings.
The company's commitment to shareholder returns is evidenced by a consistent increase in its dividends, with a notable dividend growth of 26.09% over the last twelve months as of Q1 2024. This aligns with one of the InvestingPro Tips, highlighting that Jacobs has raised its dividend for five consecutive years. Moreover, the stock has shown a robust performance with a strong return over the last three months, boasting an 18.67% price total return.
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