Jabil's profit rises in Q1

“We are pleased to post a strong quarter with significantly improved financial performance. Cash flow from operations and EBITDA margins were particularly strong and notably higher than last year,” said President and C.E.O. Timothy L. Main. GAAP operating income for the first quarter of fiscal 2008 increased 62 percent to $98.9 million compared to $61.1 million for the same period of fiscal 2007. GAAP net income for the first quarter of fiscal 2008 increased 50 percent to $62.0 million compared to $41.4 million for the same period in fiscal 2007. GAAP diluted earnings per share for the first quarter of fiscal 2008 increased 50 percent to $0.30 compared to $0.20 for the same period of fiscal 2007. Jabil's first quarter of fiscal 2008 core operating income increased 44 percent to $122.1 million or 3.6 percent of net revenue compared to $85.0 million or 2.6 percent of net revenue for the first quarter of fiscal 2007. Core earnings increased 23 percent to $74.6 million compared to $60.5 million for the first quarter of fiscal 2007. Core earnings per share increased 24 percent to $0.36 per diluted share for the period compared to $0.29 for the first quarter of fiscal 2007. The company expects second fiscal quarter of 2008 net revenue in a range of $3.0 billion to $3.1 billion, with an estimated core operating margin range of 2.2 to 2.4 percent. The guidance is consistent with historical seasonal patterns, particularly prevalent in consumer electronics sectors. Guidance suggests a 25 percent increase in year-over-year core operating income and a 4 percent increase in year-over-year revenue. Jabil said its core earnings per share for its second quarter of fiscal 2008 are anticipated to be in a range of $0.16 to $0.20 per diluted share. GAAP loss per share are estimated to be $(0.03) to $0.01 per diluted share. (Expected GAAP earnings per share for the second quarter of fiscal 2008 are currently estimated to include $0.04 per share for amortization of intangibles, $0.06 per share for stock-based compensation and related charges and $0.09 per share for restructuring and impairment charges.) Jabil said it expects fiscal year 2008 net revenue to range from $13.0 billion to $13.4 billion, with full year core operating income estimated to range from 3.1 percent to 3.6 percent or $400 million to $480 million.