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TheStreet Open House

Jabil Posts First Quarter Results

Today Jabil Circuit, Inc. (NYSE: JBL), announced preliminary, unaudited financial results for its first quarter of fiscal year 2014.

The company reported first quarter revenue of $4.6 billion.

Jabil’s three reporting segments delivered the following revenue results for the company’s first fiscal quarter:

  • Diversified Manufacturing: $2.3 billion.
  • Enterprise & Infrastructure: $1.3 billion.
  • High Velocity: $1.0 billion.

Generally accepted accounting principles (GAAP) operating income for the first quarter was $172.7 million and GAAP diluted earnings per share were $0.57. The company indicated that $21.3 million in restructuring costs during the quarter impacted GAAP operating income.

Core operating income results, excluding amortization of intangibles, stock-based compensation and related charges and restructuring and related charges, was $177.1 million and core diluted earnings per share was $0.51.

(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 related charges, impairment of notes receivable and related charges, goodwill impairment charges, certain distressed customer charges, settlement of receivables and related charges, loss on disposal of subsidiaries and acquisition costs and purchase accounting adjustments. Jabil defines core earnings as GAAP net income before amortization of intangibles, stock-based compensation expense and related charges, restructuring and related charges, impairment of notes receivable and related charges, goodwill impairment charges, certain distressed customer charges, settlement of receivables and related charges, loss on disposal of subsidiaries, acquisition costs and purchase accounting adjustments, certain other expenses, net of tax and certain deferred tax valuation allowance charges. Jabil defines core diluted earnings per share as core earnings divided by the weighted average number of outstanding diluted 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 diluted and basic earnings per share and core return on invested capital to provide investors an additional method for assessing operating income, earnings, diluted 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, its calculation of core earnings and core diluted 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.)

Quarterly Results

 

Q1 2014

 

Q1 2013

Net revenue $4.6 billion $4.6 billion
GAAP operating income $172.7 million $170.3 million
GAAP net income $117.9 million $105.8 million
GAAP diluted earnings per share $0.57 $0.51
GAAP return on invested capital 18.3% 20.6%
Core operating income $177.1 million $192.5 million
Core earnings $105.4 million $127.8 million
Core diluted earnings per share $0.51 $0.61
Core return on invested capital 16.8% 24.0%

Business Update

Jabil provided guidance for its second fiscal quarter of 2014, which began on December 1, 2013.

Net revenue   $3.5 billion to $3.7 billion
Core operating income $40 million to $80 million
Core earnings per share $0.05 to $0.15 per diluted share
GAAP operating (loss) income ($17) million to $33 million
GAAP (loss) per share ($0.20) to ($0.06) per diluted share

(GAAP earnings per share for the second quarter of fiscal year 2014 are currently estimated to include $0.03 per share for amortization of intangibles, $0.07 per share for stock-based compensation and $0.15 to $0.11 per share for restructuring and related charges.)

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