Jabil Circuit, Inc. (NYSE: JBL), today reported preliminary, unaudited financial second quarter of fiscal year 2012 net revenue of $4.2 billion. “We are continuing to see the benefits of investing in long-term solutions to drive growth in our Diversified Manufacturing Services business,” said Timothy L. Main, President and CEO of Jabil. Revenue from Diversified Manufacturing Services increased 33 percent year over year, climbing to 44 percent of total revenue in the second fiscal quarter of 2012.
“Overall, we are pleased with being able to increase revenue eight percent from our second fiscal quarter of fiscal 2011 and post a solid operating margin,” said Main. Jabil indicated its High Velocity business represented 27 percent of total revenue and its Enterprise & Infrastructure business accounted for 29 percent of the quarter’s revenue.
(Definitions used: “GAAP” means U.S. generally accepted accounting principles. Jabil defines core operating income as GAAP operating income before amortization of intangibles, stock-based compensation expense and related charges, restructuring and impairment charges, goodwill impairment charges, certain distressed customer charges, settlement of receivables and related charges and loss on disposal of subsidiaries. Jabil defines core earnings as GAAP net income before amortization of intangibles, stock-based compensation expense and related charges, restructuring and impairment charges, goodwill impairment charges, certain distressed customer charges, settlement of receivables and related charges, loss on disposal of subsidiaries, certain other expenses, net of tax and certain deferred tax valuation allowance charges. Jabil defines core earnings per share as core earnings divided by the weighted average number of outstanding shares determined under GAAP. Jabil calculates core return on invested capital by annualizing its after-tax core operating income for its most recently-ended quarter and dividing that by a two quarter average net invested capital base. Jabil reports core operating income, core earnings, core earnings per share and core return on invested capital to provide investors an additional method for assessing operating income, earnings, earnings per share and return on invested capital from what it believes are its core manufacturing operations. See the accompanying reconciliation of Jabil’s core operating income to its GAAP operating income, Jabil’s core earnings and core earnings per share to its GAAP net income and GAAP earnings per share, its calculation of core return on invested capital and additional information in the supplemental information.)
Operational Highlights Fiscal Q2 2012 versus Fiscal Q2 2011
- GAAP operating income increased 44 percent.
- GAAP net income increased 76 percent.
- GAAP diluted earnings per share increased 84 percent.
|Quarterly Results||Q2 2012||Q2 2011|
|Net revenue||$4.2 billion||$3.9 billion|
|GAAP operating income||$150.2 million||$104.6 million|
|GAAP net income||$97.7 million||$55.4 million|
|GAAP diluted earnings per share||$0.46||$0.25|
|GAAP return on invested capital||21%||15%|
|Core operating income||$176.2 million||$168.4 million|
|Core earnings||$123.2 million||$118.8 million|
|Core diluted earnings per share||$0.58||$0.54|
|Core return on invested capital||25%||26%|
|Fiscal Q3 2012 Guidance Range||Y/Y Fiscal Q3 2012 *|
|Net revenue||$4.2 billion - $4.4 billion||2%|
|Core operating income||$185 million - $205 million||10%|
|Core earnings per share||$0.60 to $0.70 per diluted share||12%|
|GAAP earnings per share||$0.49 to $0.59 per diluted share||15%|
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