Jabil Posts Second Quarter Results

Core Viewpoint - Jabil Inc. reported preliminary financial results for Q2 FY2024, highlighting resilience despite revenue challenges, with expectations for strong core operating margins and free cash flow in FY24 [1][4]. Financial Results - Q2 FY2024 Highlights: - Net revenue: $6.8 billion - U.S. GAAP operating income: $1.1 billion - U.S. GAAP diluted earnings per share: $7.31 - Core operating income (Non-GAAP): $338 million - Core diluted earnings per share (Non-GAAP): $1.68 [2][3]. Future Outlook - Q3 FY2024 Guidance: - Net revenue expected between $6.2 billion and $6.8 billion - U.S. GAAP operating income projected between $221 million and $301 million - U.S. GAAP diluted earnings per share estimated between $0.82 and $1.38 - Core operating income (Non-GAAP) forecasted between $325 million and $385 million - Core diluted earnings per share (Non-GAAP) anticipated between $1.65 and $2.05 [3]. - FY2024 Updated Outlook: - Net revenue projected at $28.5 billion - Core operating margin (Non-GAAP) expected at 5.6% - Core diluted earnings per share (Non-GAAP) forecasted at $8.40 - Adjusted free cash flow (Non-GAAP) anticipated to exceed $1 billion [4]. Management Commentary - CEO Kenny Wilson emphasized that FY2024 is a transitional year for Jabil, following the largest transaction in the company's history with the mobility sale, and expressed confidence in the company's ability to expand margins and deliver core EPS of $10.65 for FY25 [4].