Jabil Posts 3Q 2024 Results

Jabil Inc. reported preliminary, unaudited financial results for its third quarter of fiscal year 2024.

Third Quarter of Fiscal Year 2024 Highlights:
• Net revenue – $6.8 billion
• U.S. GAAP operating income – $261 million
• U.S. GAAP diluted earnings per share – $1.06
• Core operating income (Non-GAAP) – $350 million 
• Core diluted earnings per share (Non-GAAP) – $1.89

Fourth Quarter of Fiscal Year 2024 Outlook:
• Net revenue – $6.3 billion to $6.9 billion 
• U.S. GAAP operating income – $285 million to $355 million 
• U.S. GAAP diluted earnings per share – $1.40 to $1.88 per diluted share 
• Core operating income (Non-GAAP) – $365 million to $425 million 
• Core diluted earnings per share (Non-GAAP) – $2.03 to $2.43 per diluted share 

“It’s clear that Jabil has navigated a period of significant transformation this fiscal year: a year in which we divested our Mobility business, captured growth in the AI datacenter space, and experienced softness across multiple end-markets,” said CEO Mike Dastoor.

“Despite these moving pieces, we remain on track to deliver 5.6% in core margins and $8.40 of core diluted EPS in FY24, while generating more than $1 billion in adjusted free cash flow. At the same time, we’ve been working towards our commitment to repurchase $2.5 billion of our shares. And importantly, in the mid-to-longer-term we remain well-positioned to benefit from many of the world’s powerful trends in areas like datacenter power and cooling, electric and hybrid vehicles, healthcare and pharma solutions, semi-cap equipment, and automated warehousing to name a few,” he concluded.

Fiscal Year 2024 Outlook:
• Net revenue – $28.5 billion 
• Core operating margin (Non-GAAP) – 5.6% 
• Core diluted earnings per share (Non-GAAP)v$8.40 per diluted share 
• Adjusted free cash flow (Non-GAAP) – $1+ billion