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Electronics Production | March 23, 2010

Jabil posts second quarter profit

US based EMS provider Jabil Circuit posted a net revenue of $3.0 billion for the second quarter of fiscal 2010 compared to $2.9 billion for the same period of fiscal 2009.
"Results for the quarter indicate significant year-over-year margin expansion on modest revenue growth. We are gaining confidence that these positive trends may be sustained for the balance of the year," said Timothy L. Main, President and CEO.

GAAP operating income for the second quarter of fiscal 2010 was $61.8 million compared to a loss of $705.6 million for the same period of fiscal 2009. GAAP net income for the second quarter of fiscal 2010 was $29.8 million compared to a net loss of $866.1 million for the same period of fiscal 2009.

Core operating income for the second quarter of fiscal 2010 was $95.6 million or 3.2 percent of net revenue compared to $51.2 million or 1.8 percent of net revenue for the same period of fiscal 2009.

Core earnings for the second quarter of fiscal 2010 were $63.3 million compared to $27.3 million for the same period of fiscal 2009.

Jabil's second fiscal quarter is normally a sequentially down quarter due to the seasonally driven slowdown in consumer spending.

Lowest second quarter sequential decline in revenue and core operating margin since fiscal 2004. GAAP operating income decreased 6.8 percent. Core operating income decreased 10.3 percent.

"The positive momentum in the business has solidified and we believe fiscal 2010 should be an excellent year for Jabil. We intend to continue our focus on customer service, cost efficient operations, and expansion of our capabilities and market," said Timothy L. Main, President and CEO.

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