Jabil's Q2 Revenue, Earnings Soar
ST. PETERSBURG, FL -- Top 3 electronics manufacturing services firm Jabil Circuit reported fiscal second-quarter net income jumped 86% over last year to $55.4 million.
Net revenue for the period ended Feb. 28 was $3.9 billion, up 30% from last year. GAAP operating income was $104.6 million, up 69 from a year ago.
Cash flow from operations for the quarter was $450.3 million. The sales cycle was 11 days, an annualized inventory turns were seven. At quarter's end, Jabil had cash and cash equivalent of $902.3 million.
Like many EMS companies, Jabil depends on suppliers in Japan for raw materials and components and the impact of the March 11 earthquake on the company is not known at this time. It said its employees and manufacturing site in Gotemba, Japan, were not directly impacted by the natural disaster.
The company forecast fiscal third-quarter revenue of $4.1 billion to $4.2 billion, with a core operating income of $175 million to $185 million, adding that the guidance excludes any negative impact from Japan. The figure is slightly ahead of the consensus analyst forecast of $4.03 billion.
"Jabil's prospects for sustainable long-term growth are excellent as we continue to focus on delivering superior value to our customers," said president and chief executive Tim Main.
On the company's quarterly analysts conference call Tuesday afternoon, Main said the three sites the EMS company recently reacquired in Italy and France would have a minimal impact on profits.
Jabil ranked third in this year's CIRCUITS ASSEMBLY Top 50.
