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Today Jabil Circuit, Inc. (NYSE:JBL), announced its preliminary, unaudited financial results for the fourth quarter and full fiscal year, ended August 31, 2012. The company reported fourth quarter revenue of $4.3 billion and fiscal year revenue of $17.2 billion. “In this environment, posting another record fiscal year in revenue, income and earnings was quite an achievement,” said Timothy L. Main, President and CEO of Jabil.
Market share gains, new customer wins and new production from existing customers allowed Jabil to grow its targeted markets during the fiscal year while most of the industry contracted. Jabil’s Diversified Manufacturing Services business grew 24 percent in fiscal 2012. Although Jabil picked up share gains in its Enterprise & Infrastructure business during the year, overall demand weakened, resulting in a decrease of 2 percent from fiscal 2011. Jabil’s High Velocity business declined 14 percent during the fiscal year.
“Results for the fourth quarter were negatively impacted by a challenging new program ramp in our Specialized Services sector,” said Main. “Additionally demand remained weak in most of our business segments.” Generally accepted accounting principles (GAAP) operating income for the quarter was $144 million. These results were negatively impacted by a distressed customer charge of $5.9 million. Excluding amortization of intangibles, stock-based compensation and distressed customer charges, operating income was $175 million. GAAP diluted earnings per share was $0.39 cents and core diluted earnings per share was $0.54 cents.
“We are pleased to have generated cash flow from operations of $443 million during the quarter and $634 million over the course of the year. Due to this outstanding performance and ongoing strength of the balance sheet, we were able to return $136 million in capital to shareholders during the fiscal year through dividends and share repurchases,” said Chief Financial Officer Forbes Alexander. “We see this positive performance continuing and are estimating operating cash flow of $1 billion in fiscal 2013,” Alexander noted.