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Jabil Inc. reported preliminary, unaudited financial results for its first quarter of fiscal year 2024.
“As previously announced, we experienced a broad-based softening in demand during the final stretch of our first quarter, which you can see reflected in our first quarter revenue,” said CEO Kenny Wilson. “Despite softer demand, the team delivered good year-over-year growth in core margins and core earnings per share,” he added.
First Quarter of Fiscal Year 2024 Highlights:
- Net revenue: $8.4 billion
- U.S. GAAP operating income: $303 million
- U.S. GAAP diluted earnings per share: $1.47
- Core operating income (Non-GAAP): $499 million
- Core diluted earnings per share (Non-GAAP): $2.60
Second Quarter of Fiscal Year 2024 Outlook:
- Net revenue: $7.0 billion to $7.6 billion
- U.S. GAAP operating income (1): $216 million to $301 million
- U.S. GAAP diluted earnings per share (1): $0.77 to $1.37 per diluted share
- Core operating income (Non-GAAP) (2): $339 million to $399 million
- Core diluted earnings per share (Non-GAAP) (2): $1.73 to $2.13 per diluted share
Fiscal Year 2024 Updated Outlook:
- Net revenue: $31 billion
- Core operating margin (Non-GAAP): 5.3% - 5.5%
- Core diluted earnings per share (Non-GAAP): $9.00+ per diluted share
- Adjusted Free Cash Flow (Non-GAAP): $1+ billion
(1) Excludes the anticipated gain on the divestiture of the Mobility business.
(2) Core operating income and core diluted earnings per share exclude anticipated adjustments of $6 million for amortization of intangibles (or $0.05 per diluted share), $17 million for stock-based compensation expense and related charges (or $0.13 per diluted share) and $100 million to $75 million (or $0.78 to $0.58 per diluted share) for restructuring, severance and related charges.
