Jabil's Profit Slides on Small Revenue Gain
ST. PETERSBURG, FL -- Jabil Circuit today reported preliminary fiscal second quarter net revenue of $4.45 billion, up 1% from last year.
For the second quarter ended Feb. 28, nbet income fell 73% to $21 million. Operating income was $83.2 million, down 47% from 2016.
Diversified manufacturing services unit revenue rose 1% year-over-year, and electronics manufacturing services revenue was also up 1%.
“The performance of our team during the second quarter was exceptional with nearly all of our businesses delivering at or above plan,” said CEO Mark Mondello. “I believe our results reflect the effectiveness of our strategy to increase the quality and diversification of our cash flows and earnings,” he added.
The EMS/ODM guided for fiscal third quarter revenue to rise 2% to $4.25 billion to $4.55 billion and GAAP operating income of a $9 million loss to a $51 million gain. The firm forecast its diversified manufacturing services unit revenue would increase 9% year-over-year to $1.6 billion, and electronics manufacturing services revenue would decrease 1% to $2.8 billion.
