Electronics Production | September 28, 2007
Jabil Annual Revenue Grows 20 Percent
Jabil Circuit, Inc. has reported its preliminary, unaudited financial results for its fourth quarter and fiscal year 2007 (ended August 31, 2007). Net revenue for the fiscal year increased 20 percent to $12.3 billion compared to $10.3 billion for fiscal 2006.
“Our sequential and year-over-year results for the quarter point to a strengthening business. Cash flow from operations was outstanding and improving margins and a stronger balance sheet position us to begin fiscal 2008 on solid footing," said President and C.E.O. Timothy L. Main. Fourth Quarter 2007 Net revenue for the fourth quarter of fiscal 2007 increased to $3.1 billion compared to $3.0 billion for the same period of fiscal 2006. GAAP operating income for the fourth quarter of fiscal 2007 increased to $50.5 million compared to an operating loss of $7.6 million for the same period of fiscal 2006. GAAP net income for the fourth quarter of fiscal 2007 increased to $11.7 million compared to a loss of $45.6 million for the same period in fiscal 2006. GAAP diluted earnings per share for the fourth quarter of fiscal 2007 increased to $0.06 compared to a loss per share of $0.22 for the same period of fiscal 2006. Jabil's fourth quarter of fiscal 2007 core operating income increased to $103.8 million or 3.3 percent of net revenue compared to $90.2 million or 3.1 percent of net revenue for the fourth quarter of fiscal 2006. Core earnings decreased to $59.9 million compared to $74.4 million for the fourth quarter of fiscal 2006. Core earnings per share decreased to $0.29 per diluted share for the period compared to $0.36 for the fourth quarter of fiscal 2006. Fiscal Year 2007 Net revenue for the fiscal year increased 20 percent to $12.3 billion compared to $10.3 billion for fiscal 2006. GAAP operating income for fiscal 2007 decreased 25 percent to $181.9 million compared to $241.8 million for fiscal 2006. GAAP net income for fiscal 2007 decreased 55 percent to $73.2 million compared to $164.5 million for fiscal 2006. GAAP diluted earnings per share for fiscal 2007 decreased 55 percent to $0.35 compared to $0.77 for fiscal 2006. Jabil's fiscal 2007 core operating income decreased 15 percent to $331.6 million or 2.7 percent of net revenue compared to $391.6 million or 3.8 percent of net revenue for fiscal 2006. Core earnings decreased 40 percent to $196.2 million compared to $324.4 million for fiscal 2006. Core earnings per share decreased 38 percent to $0.95 per diluted share for the period, compared to $1.53 for fiscal 2006. Business Update: “Our focus has been on making step-by-step improvements to our business and our fourth quarter performance shows that we are on the right path. It is our intention to continue this deliberate effort at improving financial performance while concentrating on delivering the best customer solutions through our new divisional structure," said President and C.E.O. Timothy L. Main. Jabil said it expects net revenue for its first fiscal quarter of 2008 to be $3.3 billion, with an estimated core operating margin range of 3.3 to 3.7 percent. The company said its core earnings per share are anticipated to be in a range of $0.33 to $0.37 per diluted share. GAAP earnings per share are estimated to be $0.09 to $0.13 per diluted share. (Expected GAAP earnings per share for the first quarter of fiscal 2008 are currently estimated to include $0.03 per share for amortization of intangibles, $0.05 per share for stock-based compensation and related charges and $0.16 per share for restructuring and impairment charges.)
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