Electronics Production | September 26, 2008
Jabil's income grows 74% in Q4
EMS provider Jabil has posted today its preliminary, unaudited financial results for the company's fourth quarter and fiscal year 2008.Net revenue for the fourth quarter of fiscal 2008 increased four percent to $3.3 billion compared to $3.1 billion for the same period of fiscal 2007.
"We are pleased to be able to post targeted results this quarter given the challenging macro environment," said President and CEO Timothy L. Main. GAAP operating income for the fourth quarter of fiscal 2008 increased 74 percent to $87.8 million compared to $50.5 million for the same period of fiscal 2007. GAAP net income for the fourth quarter of fiscal 2008 increased 390 percent to net income of $57.5 million compared to $11.7 million of net income for the same period in fiscal 2007. Jabil's fourth quarter of fiscal 2008 core operating income increased one percent to $104.7 million or 3.2 percent of net revenue compared to $103.8 million or 3.3 percent of net revenue for the fourth quarter of fiscal 2007. Core earnings increased three percent to $61.7 million compared to $59.9 million for the fourth quarter of fiscal 2007. Net revenue for the fiscal year increased four percent to $12.8 billion compared to $12.3 billion for fiscal 2007. GAAP operating income for fiscal 2008 increased 38 percent to $251.4 million compared to $181.9 million for fiscal 2007. GAAP net income for fiscal 2008 increased 83 percent to $133.9 million compared to $73.2 million for fiscal 2007. Jabil's fiscal 2008 core operating income increased 15 percent to $379.9 million or 3.0 percent of net revenue compared to $331.6 million or 2.7 percent of net revenue for fiscal 2007. Core earnings increased 18 percent to $231.0 million compared to $196.2 million for fiscal 2007. "The ramifications of the financial market conditions on the overall global economy are difficult to predict," said Jabil President and CEO Tim Main. "Jabil has diversified its business over a wide range of sectors and we believe this affords us some resilience in a downturn. We remain focused on developing the markets we serve and running efficient operations as we move into the first quarter of fiscal 2009," said Main. Given the uncertainty in the financial markets, Main also commented on the company's current financial condition. "We have significant liquidity relative to our capital requirements over the next twelve months. In total, we have over $1.5 billion in available cash and credit facilities," he said. "We will continue to focus on capital efficiency as we expand our business in fiscal 2009," Main said.