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Jabil Reiterates Fiscal Year 2024 Guidance
May 24, 2024 | JabilEstimated reading time: 1 minute
Jabil Inc. announced it is confirming its previously provided third quarter of fiscal year 2024 guidance for net revenue of $6.2 billion to $6.8 billion, U.S. GAAP operating income of $221 million to $301 million, U.S. GAAP diluted earnings per share of $0.82 to $1.38, core operating income of $325 million to $385 million, and core diluted earnings per share of $1.65 to $2.05. A reconciliation of U.S. GAAP to non-GAAP measures can be found on Form-8K filed on March 15, 2024.
“I’m pleased with how our team has executed this quarter under very dynamic market conditions. FY24 has been a year of change for Jabil, as we divested our Mobility business and plan to utilize most of the net proceeds to repurchase shares. Meanwhile, some of our end markets such as renewables, 5G, semi-cap, and electric vehicles have weakened,” said CEO Mike Dastoor.
“Even with all these moving parts, we feel confident that we will deliver core margins of 5.6% and core diluted earnings per share of $8.40 in FY24, while also generating more than $1 billion in adjusted free cash flow. All in all, to see our FY24 margins and free cash flow hold up in the face of lower volumes and revenue speaks to the strength of our business,” he added.
Fiscal 2025 Outlook:
Given the current visibility in certain end markets, along with the unanticipated CEO transition, the Company is withdrawing its previously provided fiscal year 2025 guidance.
“Despite short-term challenges, I remain optimistic about Jabil’s future, thanks to our talented team and the depth of our bench strength. We are in a good position to seize opportunities in secular growth areas like AI data center hardware, power and energy infrastructure, software-defined electric and hybrid vehicles, and healthcare. Our strong margins and free cash flow give me confidence in our ability to invest in profitable future growth and continue to return capital to shareholders,” Dastoor concluded.
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