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Jabil Posts Second Quarter Results
March 18, 2024 | JabilEstimated reading time: 1 minute
Jabil Inc., reported preliminary, unaudited financial results for its second quarter of fiscal year 2024.
“Despite revenue headwinds this year, which are expected to be short-term, I’m pleased with the resiliency of our model and our team’s demonstrated ability to execute,” said CEO Kenny Wilson. “Even under these conditions, we expect to deliver strong core operating margins and free cash flow in FY24,” he added.
Second Quarter of Fiscal Year 2024 Highlights:
- Net revenue: $6.8 billion
- U.S. GAAP operating income: $1.1 billion
- U.S. GAAP diluted earnings per share: $7.31
- Core operating income (Non-GAAP): $338 million
- Core diluted earnings per share (Non-GAAP): $1.68
Third Quarter of Fiscal Year 2024 Outlook:
- Net revenue: $6.2 billion to $6.8 billion
- U.S. GAAP operating income (1): $221 million to $301 million
- U.S. GAAP diluted earnings per share (1): $0.82 to $1.38 per diluted share
- Core operating income (Non-GAAP) (2): $325 million to $385 million
- Core diluted earnings per share (Non-GAAP) (2): $1.65 to $2.05 per diluted share
- Excludes certain post-closing adjustments associated with the divestiture of the Mobility business that are expected to be finalized in the third quarter of fiscal year 2024.
- Core operating income and core diluted earnings per share exclude anticipated adjustments of $12 million for amortization of intangibles (or $0.09 per diluted share) and $17 million for stock-based compensation expense and related charges (or $0.14 per diluted share) and $75 million to $55 million (or $0.60 to $0.44 per diluted share) for restructuring, severance and related charges.
Fiscal Year 2024 Updated Outlook:
- Net revenue: $28.5 billion
- Core operating margin (Non-GAAP): 5.6%
- Core diluted earnings per share (Non-GAAP): $8.40 per diluted share
- Adjusted free cash flow (Non-GAAP); $1+ billion
“Fiscal year 24 was always going to be a transitional year for Jabil, one in which we successfully completed the largest transaction in the Company’s history with the mobility sale, and the subsequent efforts by our teams to optimize our footprint and cost structure for the go-forward Company,” said CEO Kenny Wilson. “As I think about exiting this fiscal year as a more streamlined Company, coupled with key opportunities across our diversified end-market portfolio, I am confident in our ability to expand margins year-on-year, while also delivering core EPS of $10.65 for FY25,” he added.
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