Jabil Posts Q4 and Fiscal Year 2023 Results

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Jabil Inc., reported preliminary, unaudited financial results for its fourth quarter and fiscal year ended August 31, 2023.

“The team delivered yet another solid year and I’m pleased with the progress we’ve made relative to our financial objectives,” said CEO Kenny Wilson. “As we move into the new fiscal year, I feel strongly that we have the right team, capabilities, and diversified portfolio to support good momentum into FY24 and beyond. And none of this would be possible, without our thriving and unified Jabil culture, which is as strong today as it’s ever been,” he added.

Fourth Quarter of Fiscal Year 2023 Highlights:

• Net revenue: $8.5 billion
• Diversified Manufacturing Services (DMS) year-on-year revenue remained consistent
• Electronics Manufacturing Services (EMS) year-on-year revenue decline: 13 percent
• U.S. GAAP operating income: $441 million
• U.S. GAAP diluted earnings per share: $1.15
• Core operating income (Non-GAAP): $477 million
• Core diluted earnings per share (Non-GAAP): $2.45

Fiscal Year 2023 Highlights:

• Net revenue: $34.7 billion
• Diversified Manufacturing Services (DMS) year-on-year revenue growth: 8 percent
• Electronics Manufacturing Services (EMS) year-on-year revenue remained consistent
• U.S. GAAP operating income: $1.5 billion
• U.S. GAAP diluted earnings per share: $6.02
• Core operating income (Non-GAAP): $1.7 billion
• Core diluted earnings per share (Non-GAAP): $8.63

First Quarter of Fiscal Year 2024 Outlook:

• Net revenue - $8.4 billion to $9.0 billion
• U.S. GAAP operating income - $423 million to $483 million
• U.S. GAAP diluted earnings per share - $2.02 to $2.42 per diluted share
• Core operating income (Non-GAAP) (1) - $474 million to $534 million
• Core diluted earnings per share (Non-GAAP) (1) - $2.40 to $2.80 per diluted share

(1) Core operating income and core diluted earnings per share exclude anticipated adjustments of $5 million for amortization of intangibles (or $0.04 per diluted share) and $46 million for stock-based compensation expense and related charges (or $0.34 per diluted share).

Capital Framework Update

The Board of Directors has amended and increased the current share repurchase program, which has approximately $776 million outstanding as of August 31, 2023, to allow repurchase of up to $2.5 billion in common stock. The shares will be repurchased from time-to-time using various methods, including in the open market at the Company's discretion and subject to market conditions and other factors.