Jabil cuts outlook in wake of virus outbreak

“Our first priority is the overall safety of our people. To this end, we’ve instituted broad testing and quarantine protocols to support those who are on-site at our factories. In addition, we remain in close contact with our employees who’ve been unable to return to work due to on-going travel restrictions,” says CEO Mark Mondello, in a short update. While the company did not give any new targets, Jabil did state that the previous guidance, provided on December 17, is no longer valid. The manufacturer has several facilities within China and neighbouring countries. “After a stronger than anticipated start to the fiscal quarter, we’re now in a position to ‘read and react’ to this very dynamic labor and supply chain situation. The actions taken by our teams have been admirable, to say the least,” says Mark Mondello in the update. Mondello continues saying that currently, Jabil factories, which have been adversely impacted by the virus, are now running at roughly 65% - 70% capacity, while overall product demand remains largely the company anticipated at the beginning of the quarter The company will provide an update on the situation during its earnings call, currently planned for mid-March.