Jacobs (JEC) Secures $125M Design Services Contract From FTE

Jacobs Engineering Group Inc. (NYSE:JEC) recently secured a design services contract from Florida's Turnpike Enterprise (FTE). The $125 million project is aimed at improving transit facilities of South Florida.

Jacobs follows a contract-based growth strategy and we anticipate the latest transportation deal to boost its organic growth trajectory. Notably, we notice that increased transit spending from the government authorities of Australia, UK and U.S. has been helping the company win a number of contracts for the past few quarters.

Over the last three months, shares of this Zacks Rank #3 (Hold) stock yielded a return of 3.08%, as against 1.81% loss incurred by the Zacks categorized Engineering/R&D Services industry.

Inside the Headlines

FTE intends to widen over nine miles of the Sawgrass Expressway. Six lanes of this South Florida highway would be expanded to ten lanes, including two express lanes in each traffic direction.

Per the deal, Jacobs would design the renovation and rehabilitation framework for the FTE project. The company has remained FTE’s maintenance, as well as operations consultant for the last 25 years. It intends to strengthen this commercial bond on the back of the above mentioned deal.

The Sawgrass Expressway project will likely improve the capacity and travel time consistency for the visitors and commuters of South Florida. Moreover, FTE intends to offer long-term mobility options on the back of this deal.

Stocks to Consider

Some better-ranked stocks in the industry are listed below:

KB Home (NYSE:KBH) has an average positive earnings surprise of 12.47% for the last four quarters and currently boasts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

D.R. Horton, Inc. (NYSE:DHI) carries a Zacks Rank #2 (Buy) and has an average positive earnings surprise of 4.03% for the trailing four quarters.

Eagle Materials Inc (NYSE:EXP) also holds a Zacks Rank #2 and has an average positive earnings surprise of 2.66% for the past four quarters.

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