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Jabil provides solid outlook for Fiscal 2015

Jabil Circuit, Inc. announced preliminary, unaudited financial results for its second quarter of fiscal year 2014.
The company reported second quarter revenue of $3.6 billion*.

Jabil's three reporting segments delivered the following revenue results for the company's second fiscal quarter:

Diversified Manufacturing Services: $1.6 billion.
Enterprise & Infrastructure: $1.2 billion.
High Velocity Systems: $0.8 billion.

Generally accepted accounting principles (GAAP) operating income for the second quarter was $3.6 million and GAAP net diluted loss per share was ($0.19). The company indicated that $32.2 million in restructuring costs during the quarter impacted GAAP operating income.

As defined below, core operating income was $60.4 million and core diluted earnings per share was $0.10.

"We completed our second quarter largely as planned, with steady progress on finalizing our previously announced divestiture and winding down our relationship with our second largest customer," said Mark T. Mondello, Chief Executive Officer. "The steadfast dedication of our global workforce has contributed to our ongoing performance despite the challenges we have faced," he added.

Year over Year Third Quarter Segment Revenue Guidance:

Diversified Manufacturing Services consistent.
Enterprise & Infrastructure to decline 5 percent.
High Velocity Systems to decline 40 percent.

"As we move through the back half of the fiscal year, I'm encouraged and pleased with activities surrounding multiple program ramps from new business wins," said Mondello. "At a time when legacy EMS business is showing very modest growth, we are fortunate to have the scale and technical capabilities which allow us to embrace new growth opportunities," Mondello stated. Management provided fiscal year 2015 guidance of $1.65 to $1.95 core earnings per share.

*As a result of the anticipated sale of Jabil's aftermarket services business, this business is reported as "discontinued operations" in the unaudited financial results for all periods presented.
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