EXHIBIT 99.1
1111 South Arroyo Parkway 7084 P.O. Box 7084 Pasadena, California 91105-7084 U.S.A. 1.626.578.3500     Fax 1.626.578.6916	Press Release

FOR IMMEDIATE RELEASE January 21, 2004

For additional information contact:

John W. Prosser, Jr.

Senior Vice President, Finance and Administration

626.578.6803

Jacobs Engineering Group Inc. Reports Record Earnings

for the First Quarter of Fiscal 2004

PASADENA, CALIF. – Jacobs Engineering Group Inc. (NYSE: JEC) today announced record net earnings of $33.8 million, or $0.59 per diluted share, on revenues of $1.1 billion for the first quarter of fiscal 2004 ended December 31, 2003. This compares to net earnings of $30.1 million, or $0.54 per diluted share, on revenues of $1.2 billion for the first quarter of fiscal 2003.

Jacobs also announced backlog at December 31, 2003 totaling $7.1 billion, including a technical professional services component of $3.5 billion. This compares to total backlog and technical professional services backlog of $6.7 billion and $3.1 billion, respectively, at December 31, 2002.

Commenting on the results for the first quarter of fiscal 2004, Jacobs CEO Noel G. Watson stated, “Fiscal 2004 is off to a good start. Our net earnings were up 12.1% and our earnings per share were up 9.3% from the first quarter of fiscal 2003. Our cash flows remain strong as well. We had another good sales quarter, and the prospects remain strong.”

In commenting on the earnings outlook for fiscal 2004, Jacobs CFO John W. Prosser, Jr. stated, “The Company’s long-term, average growth rate target is 15% per year. However, our earnings guidance for fiscal 2004 is between $2.50 and $2.55 per share.”

Jacobs will host a conference call at 11:00 a.m. Eastern time on Thursday, January 22, 2004, which will be webcast live on the Internet on www.jacobs.com. The taped teleconference is accessible from any touch-tone phone and will be available 24 hours a day through January 29, 2004. The dial-in number for the audio replay is 719.457.0820 (reference code 139298).

Jacobs, with over 35,000 employees and revenues approaching $5.0 billion, provides technical, professional, and construction services globally.

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Jacobs Engineering Group Inc.

JACOBS Press Release (Continued) Page 2 of 4

Any statements made in this release that are not based on historical fact are forward-looking statements. Any forward-looking statements made in this release represent management’s best judgement as to what may occur in the future. However, Jacobs’ actual outcome and results are not guaranteed and are subject to certain risks, uncertainties and assumptions (“Future Factors”), and may differ materially from what is expressed. For a description of Future Factors that could cause actual results to differ materially from such forward-looking statements, see the discussion under the section “Forward-Looking Statements” included in Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in the Company’s 2003 Annual Report on Form 10-K.

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JACOBS	Press Release (Continued)
	Page 3 of 4

Financial Highlights:

Results of Operations (in thousands, except per-share data)

	Three Months Ended December 31
	2003			2002
Revenues	$	1,135,129		$	1,218,680
Costs and Expenses:
Direct costs of contracts		(972,867	)		(1,067,634	)
Selling, general and administrative expenses		(109,844	)		(104,203	)
Operating Profit		52,418			46,843
Other (Expense) Income:
Interest income		960			251
Interest expense		(816	)		(1,231	)
Miscellaneous (expense) income, net		(562	)		506
Total other expense, net		(418	)		(474	)
Earnings Before Taxes		52,000			46,369
Income Tax Expense		(18,200	)		(16,229	)
Net Earnings	$	33,800		$	30,140
Earnings Per Share:
Basic	$	0.61		$	0.55
Diluted	$	0.59		$	0.54
Weighted Average Shares Used to Calculate Earnings Per Share:
Basic		55,854			54,780
Diluted		57,336			55,804

JACOBS	Press Release (Continued)
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Other Operational Information (in thousands)

	Three Months Ended December 31
	2003		2002
Revenues by Major Component:
Technical professional services	$	565,962	$	524,366
Field services		569,167		694,314
Total	$	1,135,129	$	1,218,680
Depreciation Before Taxes	$	8,620	$	8,643
Capital Expenditures	$	7,605	$	8,178

Selected Balance Sheet and Backlog Information (in thousands):

	At December 31
	2003		2002
Balance Sheet Information:
Cash and cash equivalents	$	160,592	$	57,258
Net working capital		407,311		270,845
Total debt		17,825		73,558
Stockholders’ equity		881,696		722,562
Backlog Information:
Technical professional services	$	3,509,200	$	3,101,600
Field services		3,635,700		3,574,300
Total	$	7,144,900	$	6,675,900