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© Jabil Electronics Production | March 16, 2020

Mark Mondello: ‘things are very murky’

Jabil has, as most other companies in the industry, been fighting headwinds related to the virus outbreak, which resulted in shutdowns and other business interruptions in February. So far, COVID-19 has cost the company some USD 50 million

Net revenue for the quarter amounted to USD 6.1 million, compared to USD 6 million. Operating income amounted to USD 90.6 million, down from USD 154 million during the same quarter last year. During the second quarter Jabil took a swing to a net loss of USD 3.3 million, compared to a profit of USD 67.3 million. “After a stronger than expected start to the fiscal quarter, our factories were adversely impacted by workforce and supply chain disruptions associated with COVID-19,” said CEO Mark Mondello, in a press release. “First and foremost, the safety and well-being of our people is our number one priority. Despite the near-term financial setback, our long-term strategy remains unchanged,” he added. During a conference call, CEO Mark Mondello said: “my commentary around demand is things are very murky. We are planning for demand to soften a bit. As stated earlier, the second quarter expenses directly associated with business interruption caused by COVID-19 were approximately USD 53 million. “In times of uncertainty and disruption, such as these, I’m continually inspired by the collective spirit and resiliency of our global workforce,” Mondello concluded.
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March 27 2020 12:33 pm V18.4.17-2