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© cumypah dreamstime.com Electronics Production | December 20, 2012

Jabil 1Q/2013 tops Street estimates

Jabil Circuit reported first quarter revenue of USD 4.6 billion. "Diversified Manufacturing Services increased to 47 percent of our overall business, paced by outstanding growth in Specialized Services," said Timothy L. Main, President and CEO of Jabil.
Jabil's Diversified Manufacturing Services business grew 20 percent in the first quarter of fiscal 2013 when compared to results of the first quarter of fiscal year 2012. The company's Enterprise & Infrastructure business increased 17 percent from the first quarter of fiscal year 2012 while Jabil's High Velocity business declined 20 percent during the first quarter of fiscal year 2013, as compared to fiscal 2012.

Generally accepted accounting principles (GAAP) operating income for the first quarter of fiscal year 2013 was $170 million. Excluding amortization of intangibles and stock-based compensation, core operating income was $193 million. GAAP diluted earnings per share was $0.51 cents and core diluted earnings per share was $0.61 cents.

"We are pleased to have generated cash flow from operations of $152 million during the quarter. As a result of this outstanding performance and the ongoing strength of our balance sheet, we were able to return $148 million in capital to shareholders during the first quarter of fiscal year 2013 through dividends and share repurchases," said Chief Financial Officer Forbes Alexander. "We see this positive performance continuing and continue to estimate operating cash flow of $1 billion in fiscal 2013," Alexander noted.

Operational Highlights Fiscal Q1 2013 versus Fiscal Q1 2012
  • Diversified Manufacturing Services increased 20 percent.
  • Specialized Services revenue expanded 51 percent.
  • Healthcare & Instrumentation revenue declined 22 percent.
  • Industrial & Clean Tech revenue declined 9 percent.
  • Enterprise & Infrastructure revenue increased 17 percent.
  • High Velocity revenue decreased 20 percent.

"Expectations for the second fiscal quarter of 2013 are consistent with seasonal patterns of demand," said Jabil CEO Timothy Main. "End market demand remains muted in business sectors exposed to government and business spending. Although environmental conditions continue to be uncertain, we maintain our expectation that fiscal 2013 will be another record year for Jabil."

Fiscal Q2 2013 Guidance Range
  • Net revenue - USD 4.3 to 4.5 billion
  • Core operating income - USD 165 to 185 million
  • Core earnings per share - USD 0.50 to 0.58 per diluted share
  • GAAP earnings per share - USD 0.40 to 0.48 per diluted share

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