Jacobs Solutions Inc (NYSE:J) stock fell 1.13% (As on November 22, 11:29:18 AM UTC-4, Source: Google Finance) after the company posted mixed result for the fourth quarter of FY 23. The company is optimistic about the results of the People & Places Solutions business and the building momentum of the data solutions. Looking into fiscal 2024 and beyond, the company is aligned to multiple large, growing and well-funded priorities including global infrastructure modernization, climate response and investments in critical supply chains. Further, the company is committed to delivering on a bold cost optimization plan and targeting at least 300 basis points of margin improvement in fiscal year 2025. J in the fourth quarter of FY 23 has reported the adjusted earnings per share of $1.90, missing the analysts’ estimates for the adjusted earnings per share of $2.02, according to Zacks Investment Research. The company had reported the adjusted revenue growth of 10.5 percent to $4.29 billion in the fourth quarter of FY 23, beating the analysts’ estimates for revenue of $4.14 billion. Cash flow from operations of $219 million and free cash flow of $180 million, driven by strong DSO performance. Backlog increased $1.2 billion to $29.1 billion, up 4% year-over-year. The Company’s outlook for fiscal 2024 adjusted EBITDA is $1,530M to $1,600M and adjusted EPS of $7.70 to $8.20, up 9% and 10% at the midpoints, respectively. On the other hand, on May 9, Jacobs announced its intent to pursue a separation of the Critical Mission Solutions (CMS) business. Jacobs announced yesterday that it has entered into a definitive agreement to separate and combine its Critical Mission Solutions and Cyber & Intelligence (C&I) businesses with Amentum in a tax-efficient Reverse Morris Trust transaction, including a $1.0 billion cash dividend payment to Jacobs. Additionally, Jacobs and its shareholders will own up to 63% of the combined company’s common shares upon consummation of the transaction, consisting of 51% Jacobs’ shareholders ownership and Jacobs retaining 7.5-12%. The exact amount of the retained stake will be determined based on achievement of certain fiscal year 2024 operating profit targets. Jacobs is also expected to realize additional value after closing through the disposition of its retained equity stake in the combined company within 12 months. The transaction is expected to close in the second half of fiscal year 2024. Until closing, CMS and C&I will operate as business units of Jacobs and financial results for the businesses will be reported in continuing operations.