Jabil (JBL) Reports 5% Rise in Q1 Sales; Soft Q2 Outlook Weighs
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Price: $313.21 -1.09%
EPS Growth %: +23.4%
Financial Fact:
Amortization of intangibles: 10.97M
Today's EPS Names:
BTTX, VAXX, ELYS, More
EPS Growth %: +23.4%
Financial Fact:
Amortization of intangibles: 10.97M
Today's EPS Names:
BTTX, VAXX, ELYS, More
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Jabil Circuit Inc. (NYSE: JBL) reported first quarter of fiscal year 2012 results Tuesday. Shares are trading down about 4 percent in the post-market session after closing up 5.2 percent to $19.95.
Net revenue for the quarter rose 5 percent year over year to $4.3 billion while the cost of revenue rose 6 percent to $3.99 billion. The Street was forecasting sales of $4.41 billion for the quarter.
Operating income increased 9.5 percent year over year to $170.8 million as core operating income rose 7 percent to $194.6 million.
Net income grew 6 percent to $112.9 million while earnings per share increased 10 percent to $0.54. Core earnings per share increased 6.5 percent to $0.65. The Street was forecasting earnings of $0.65 per share for the quarter.
Improving business mix and diversification, combined with an emphasis on operational efficiency, allowed Jabil to increase margins and earnings at lower revenue growth rates in a tepid economic environment.
Since August 31, 2011, the company’s cash and cash equivalents fell from $888.61 million to $861.9 million.
For the second quarter of fiscal 2012, management is forecasting net revenue of $4-$4.2 billion, above the Street’s $4.24 billion estimate. Core operating income is expected to increase 2 percent year over year to $160-$185 million. Core earnings per share are estimated to grow 6 percent to $0.52-$0.62, while GAAP earnings per share are forecast to increase 84 percent to $0.41-$0.51. The company expects revenue levels in the Enterprise & Infrastructure segment to increase sequentially in the second fiscal quarter of 2012 as they were lower than expected in the first quarter due to inventory adjustments from specific customers unrelated to weakness in end-market demand.
“Jabil posted another company record quarter in revenue and earnings per share, driven by strength in Diversified Manufacturing Services and High Velocity segments,” said Timothy Main, President and CEO of Jabil. “We are especially pleased with our operating margin performance in the quarter as the emphasis on operational efficiency and business diversity delivered positive results in a period of economic uncertainty.”
Net revenue for the quarter rose 5 percent year over year to $4.3 billion while the cost of revenue rose 6 percent to $3.99 billion. The Street was forecasting sales of $4.41 billion for the quarter.
Operating income increased 9.5 percent year over year to $170.8 million as core operating income rose 7 percent to $194.6 million.
Net income grew 6 percent to $112.9 million while earnings per share increased 10 percent to $0.54. Core earnings per share increased 6.5 percent to $0.65. The Street was forecasting earnings of $0.65 per share for the quarter.
Improving business mix and diversification, combined with an emphasis on operational efficiency, allowed Jabil to increase margins and earnings at lower revenue growth rates in a tepid economic environment.
Since August 31, 2011, the company’s cash and cash equivalents fell from $888.61 million to $861.9 million.
For the second quarter of fiscal 2012, management is forecasting net revenue of $4-$4.2 billion, above the Street’s $4.24 billion estimate. Core operating income is expected to increase 2 percent year over year to $160-$185 million. Core earnings per share are estimated to grow 6 percent to $0.52-$0.62, while GAAP earnings per share are forecast to increase 84 percent to $0.41-$0.51. The company expects revenue levels in the Enterprise & Infrastructure segment to increase sequentially in the second fiscal quarter of 2012 as they were lower than expected in the first quarter due to inventory adjustments from specific customers unrelated to weakness in end-market demand.
“Jabil posted another company record quarter in revenue and earnings per share, driven by strength in Diversified Manufacturing Services and High Velocity segments,” said Timothy Main, President and CEO of Jabil. “We are especially pleased with our operating margin performance in the quarter as the emphasis on operational efficiency and business diversity delivered positive results in a period of economic uncertainty.”
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