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© bahar bostanci / dreamstime.com Electronics Production | December 21, 2011

Jabil with 6% revenue increase YoY

Jabil Circuit, Inc. reported preliminary, unaudited financial first quarter of fiscal year 2012 net revenue of $4.3 billion, a 6% increase from the first quarter of fiscal 2011.
"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 L. 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."

Revenue from Diversified Manufacturing Services increased 30 percent year over year, climbing to 42 percent of total revenue in the first fiscal quarter of 2012. Jabil saw seasonal strength in its High Velocity segment during the first fiscal quarter, although it declined to 30 percent of total revenue, reflecting the company's increased emphasis on shifting the mix of its business.

Revenue from Enterprise & Infrastructure increased four percent from the prior year period, which was lower than expected primarily due to inventory adjustments from specific customers unrelated to weakness in end-market demand. The company expects revenue levels in this segment to increase sequentially in the second fiscal quarter of 2012.

Sequential First Quarter Fiscal 2012

- GAAP operating income increased 3.2 percent.
- GAAP earnings increased $0.02 per fully diluted share.
- Core operating income increased 4.0 percent.
- Core earnings increased $0.03 per fully diluted share.

Business Update

"Expectations for the second fiscal quarter of 2012 are consistent with seasonal patterns of demand," said Jabil CEO Timothy Main. "Although the economic environment has a number of uncertainties, we are on track to deliver another record year in fiscal 2012."

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