Electronics Production | March 25, 2008
Jabil swings to second-quarter loss
US based EMS provider Jabil Circuits on Tuesday reported a second-quarter loss of $24 million compared to a profit of $13.9 million a year ago.
Net revenue for the second quarter of fiscal 2008 increased four percent to $3.1 billion compared to $ 2.9 billion for the same period of fiscal 2007. GAAP operating income for the second quarter of fiscal 2008 decreased 96 percent to $1.6 million compared to $36.7 million for the same period of fiscal 2007. GAAP net income for the second quarter of fiscal 2008 decreased 273 percent to a loss of $24.0 million compared to $13.9 million of net income for the same period in fiscal 2007. The GAAP income decline was principally due to restructuring charges which were approximately $41 million higher than the comparative period. Jabil's second quarter of fiscal 2008 core operating income increased 22 percent to $67.8 million or 2.2 percent of net revenue compared to $55.6 million or 1.9 percent of net revenue for the second quarter of fiscal 2007. Core earnings increased 48 percent to $42.0 million compared to $28.4 million for the second quarter of fiscal 2007. "We are pleased with the results from our second quarter, where our employees pulled together in a challenging operating environment. Thanks to their efforts, we were able to meet our expectations for the quarter and generate $134 million in cash from operations," said President and CEO Timothy L. Main. "We expect revenue in the second half of fiscal 2008 to be consistent with the first half of the year, resulting in a year of modest growth but below our previous expectations. It appears the slowdown in end markets will reduce our growth rate and impede margin expansion for the next quarter or two. However, we continue to win new business and will stay focused on margin expansion, free cash flow and returns on capital," said Main. The company expects third fiscal quarter of 2008 net revenue in a range of $3.05 billion to $3.15 billion, with an estimated core operating margin range of 2.3 to 2.6 percent. Jabil said its core earnings per share for its third quarter of fiscal 2008 are anticipated to be in a range of $0.18 to $0.22 per diluted share. GAAP earnings per share are estimated to be $0.09 to $0.13 per diluted share. (Expected GAAP earnings per share for the third quarter of fiscal 2008 are currently estimated to include $0.03 per share for amortization of intangibles and $0.06 per share for stock-based compensation and related charges.) Jabil said it expects fiscal year 2008 net revenue to range from $12.6 billion to $12.8 billion, with full year core operating income estimated to range from 2.8 percent to 3.1 percent or $355 million to $395 million.
Gémosz is still looking to grow – but the pandemic brought new perspectives Winston Churchill famously said, “Never let a good crisis go to waste”. While this was said in a vastly different context than the current crisis of the COVID-19 pandemic, there is still truth to the fact that a crisis not only allows for change – but sometimes forces it.
North American PCB industry sales up 4.3% in April The IPC says that total North American PCB shipments in April 2020 were up 4.3% compared to the same month last year. Compared to the preceding month, April shipments fell 18.2%.
Volkswagen intensifies e-mobility activities in China Volkswagen has initiated the next chapter for its business in China. The automotive giant plans to increase its share in JAC Volkswagen, its joint venture for e-mobility.
GPV Selects Aegis as global smart factory partner Driven originally by accelerating customer expectations for traceability, GPV has selected Aegis’ FactoryLogix Smart digital manufacturing solution, targeting multiple values and benefits.
REDCOM EMS expands certification for medical device manufacturing New York-based REDCOM EMS has secured ISO 13485:2016 certification, complementing the company’s existing ISO 9001:2015 and AS9100D certifications.
Ozark Integrated Circuits nabs U.S. Air Force grant Arkansas-based Ozark Integrated Circuits Inc., located in the Arkansas Research and Technology Park at the University of Arkansas, has received a USD 750,000 award from the U.S. Air Force.
Norwegian EMS adds employees to Polish unit The last couple of months Norautron has welcomed three new colleagues at its office in Sdunska Wola, Poland.
Daimler’s battery production in Kamenz gradually increases production Local battery production is described as an important success factor for Mercedes-Benz AG’s electric offensive and a key element to flexibly and efficiently meet the global demand for electrified vehicles.
Tepcomp invests in new additional production line Finnish EMS provider, Tepcomp Group, has made a significant investment at its production plant in Turku. The new surface mount technology production line will significantly improve the productivity and energy efficiency of the plant.
Valoe is on schedule with both production and expected deliveries Valoe says it will start manufacturing IBC test modules in Juva, Finland in June and cell deliveries from Lithuania to customers is scheduled to start according to plan.
AMTE Power and Britishvolt sign MoU for GigaFactory AMTE Power and Britishvolt plans to investigate collaborating to build the UK’s first full cycle battery cell GigaPlant, servicing the automotive and energy storage markets.
ALLPCB’s new SMT factory has launched production On May 10 2020, ALLPCB’s new – self-operated – SMT factory in Guangde, Anhui Province, China was officially put into production.
Schweizer starts production at its new location in China Following a construction period of one and a half years, production has now started at the company’s new high-tech printed circuit board plant in Jiangsu, China.
Jenoptik supplies generators to a US customer Through its Vincorion investment, Jenoptik received a long-term order for generators that an unnamed US customer is integrating into military vehicles.
Rolls-Royce takes heavy hit from COVID-19 – reduces workforce by 9000 The impact of COVID-19 on Rolls-Royce and the whole of the aviation industry is unprecedented. RR has already taken action to strengthen the financial resilience of its business and to reduce cash expenditure in 2020. However, this will not be enough.
Data Link Solutions to provide MIDS cabinet terminals to US Navy The U.S. Navy has awarded a USD 3.2 million production contract to Data Link Solutions (DLS), a joint venture between BAE Systems and Collins Aerospace, for new Multifunctional Information Distribution System (MIDS) cabinet terminals.
Incap restarts production in India In a move to contain the COVID-19 pandemic, the government of India instructed all state governments to introduce a lockdown in March. As a consequence, Incap had to close its factory in Karnataka, India on 23 March.
NAND Flash Revenue Undergoes 8.3% QoQ Growth in 1Q20 NAND Flash bit shipment in 1Q20 was relatively on par with 4Q19, says the DRAMeXchange research division of TrendForce. The overall ASP of NAND Flash products also climbed during the period. As a result, the global NAND Flash revenue for the quarter went up by 8.3% QoQ to USD 13.6 billion.
Gorenje reduces the number of layoffs At the end of April, due to a sharp drop in orders and revenues as a result of the COVID-19 pandemic, the Hisense Europe Group launched a redundancy program in four companies in Slovenia.
NA semiconductor equipment industry posts April 2020 billings North America-based manufacturers of semiconductor equipment posted USD 2.26 billion in billings worldwide in April 2020 (three-month average basis), according to SEMI.
AWS Electronics to wear the Incap name Following the acquisition of AWS Electronics Group by Incap Corporation in January 2020, the company's units in the UK and Slovakia will now be trading as Incap Electronics UK Ltd. and Incap Electronics Slovakia s.r.o.
PCB manufacturer SQP invests in new plasma treatment system As part of the continuous upgrade of the PCB manufacturing processes the Slovakian PCB manufacturer SQP International has invested in a new plasma treatment system.
Nordson delivers solid quarter considering COVID-19's impact on global end markets Nordson Corporation reported second quarter sales of USD 529 million, a 4% decrease compared to the prior year’s second quarter sales of USD 551 million.Load more news
- Rolls-Royce takes heavy hit from COVID-19 – reduces workforce by 9000
- COVID-19 highlights the gravity of the secondary market for SME
- Data Link Solutions to provide MIDS cabinet terminals to US Navy
- China falls far short of its "Made-in-China 2025" goal
- GlobalFoundries to implement ITAR at US manufacturing facility