Jabil Posts Second Quarter Results

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%

Business Update

“Our continued focus and investment in Diversified Manufacturing Services is paying off for Jabil,” said Jabil CEO Timothy Main. “We believe Jabil’s global expertise in offering customers innovative solutions to their globally complex business needs will continue to allow us to outpace the lackluster global economic conditions in the second half of our fiscal year.” Jabil management also provided guidance for its third fiscal quarter of 2012.

					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%

(GAAP earnings per share for the third quarter of fiscal 2012 are currently estimated to include $0.02 per share for amortization of intangibles and $0.09 per share for stock-based compensation).

1 2 3 4 Next › Last »