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JBL · Jabil

50 filings

10-Q

JBL 10-Q Quarterly Reports

Jabil - 50 quarterly reports

Filing record · 2016–202610-K1110-Q338-K104

JBL filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 104 current reports (8-K) between 2016 and 2026.

  1. Restructuring8-K · Mar ’17Mar ’17
  2. FY2018 annual report10-K · Oct ’18Oct ’18
  3. Leadership change8-K · Dec ’21Dec ’21
  4. Leadership change8-K · Oct ’25Oct ’25
  1. 2026-Q3

    Jabil Quarterly Report for Q3 Ended May 31, 2026

    Jabil Inc. reported net revenue of $8,751 million for the three months ended May 31, 2026, up from $7,828 million a year earlier, and $25,338 million for the nine months, up from $21,550 million. Gross profit was $828 million for the quarter versus $681 million, and operating income was $445 million versus $403 million. Net income attributable to Jabil Inc. was $275 million for the quarter ($2.59 diluted EPS) versus $222 million ($2.03) a year earlier. For the nine months, net income attributable to Jabil was $644 million, or $6.01 diluted EPS, compared with $439 million and $3.94. Management's non-GAAP core earnings per diluted share were $3.16 for the quarter and $8.70 for the nine months. The Intelligent Infrastructure segment drove much of the growth, with its net revenue rising 21% in the quarter and 41% over the nine months, while the Connected Living and Digital Commerce segment declined 5% over the nine months. Balance sheet and cash flow shifted over the period. Cash and cash equivalents fell to $1,360 million from $1,933 million at August 31, 2025. Accounts payable rose to $11,908 million from $7,937 million, and accounts receivable rose to $5,473 million from $4,039 million. Total debt, including current installments, was $3,378 million, up from $2,885 million, following the January 2026 issuance of $500 million of 4.200% Senior Notes due 2029 and $500 million of 4.750% Senior Notes due 2033, which were used partly to repay $500 million of 1.700% Senior Notes due April 2026. Net cash provided by operating activities was $1,269 million for the nine months, compared with $1,052 million a year earlier. The company spent $891 million on share repurchases and had $109 million remaining under its 2026 Share Repurchase Program. Total equity was $1,327 million at May 31, 2026. During the period, Jabil completed the acquisitions of Hanley Energy Group for $752 million cash consideration and Rebound Technologies Group Holdings for $133 million cash consideration. Goodwill increased to $1,228 million from $841 million. The company also began receiving refunds of IEEPA tariffs previously paid after the U.S. Supreme Court struck down those tariffs, and management stated the refunds did not have a material impact on results.

    Jun 30, 2026
  2. 2026-Q2

    Jabil Quarterly Report for Q2 Ended Feb 28, 2026

    Jabil Inc. (JBL) reported its fiscal second-quarter 2026 results (three months ended February 28, 2026) in this Form 10-Q. Net revenue rose to $8.28 billion from $6.73 billion a year earlier, and gross profit increased to $746 million from $576 million. Operating income was $374 million versus $245 million, and net income attributable to Jabil Inc. was $223 million, or $2.08 per diluted share, compared with $117 million, or $1.06 per diluted share, a year earlier. For the six months, net revenue was $16.59 billion and diluted EPS was $3.43. Management attributed the Intelligent Infrastructure segment's 52% revenue growth primarily to cloud and data center infrastructure customers, while the Connected Living and Digital Commerce segment declined 8%. Diluted core EPS (non-GAAP) was $2.69 for the quarter versus $1.94 a year earlier. The balance sheet grew over the period, with total assets of $20.63 billion and total debt and notes of $3.88 billion at February 28, 2026, compared with $2.89 billion at August 31, 2025. The company issued $1.0 billion of senior notes in January 2026 (4.200% due 2029 and 4.750% due 2033) and intends to use the proceeds to repay $500 million of 1.700% notes due April 2026. Cash and cash equivalents were $1.83 billion. Six-month operating cash flow was $734 million, and the company repurchased $600 million of treasury stock during the six months. The company completed the Hanley Energy Group acquisition for $748 million in cash on January 2, 2026, and the Rebound Technologies acquisition for $133 million on September 1, 2025. The filing notes that no refunds of tariffs struck down by the U.S. Supreme Court on February 20, 2026 have been recorded because the company cannot reasonably estimate the financial impact. Remaining authorization under the 2026 Share Repurchase Program was $334 million as of April 1, 2026.

    Apr 8, 2026
  3. 2026-Q1

    Jabil Quarterly Report for Q1 Ended Nov 30, 2025

    Jabil Inc. (JBL) reported net revenue of $8.31 billion for the three months ended November 30, 2025, up from $6.99 billion a year earlier. Gross profit rose to $742 million from $606 million, and operating income increased to $283 million from $197 million. Net income attributable to Jabil Inc. was $146 million, or $1.35 per diluted share, compared with $100 million, or $0.88 per diluted share, in the prior-year quarter. The filing reports core (non-GAAP) earnings of $309 million and diluted core earnings per share of $2.85, versus $2.00 a year earlier. The effective income tax rate rose to 33.6% from 28.0%. Intelligent Infrastructure net revenue increased 54% and now represents 46% of net revenue, while Connected Living and Digital Commerce declined 11%. Cash and cash equivalents fell to $1.57 billion from $1.93 billion at August 31, 2025, as the company used cash for debt payments, share repurchases of $300 million, and the Rebound Technologies acquisition. Operating cash flow was $323 million. Total debt was $2.89 billion in notes payable and long-term debt, and the company reported $4.0 billion in available unused revolving credit capacity. Accounts payable rose to $8.42 billion from $7.94 billion, and total equity was $1.35 billion. The company completed the acquisition of Hanley Energy Group on January 2, 2026, for cash consideration of $751 million, and it entered into additional accelerated share repurchase agreements totaling $200 million in December 2025. Management stated that the 2025 Restructuring Plan, which totaled approximately $200 million in pre-tax costs, was substantially complete as of November 30, 2025. Restructuring, severance and related charges were $76 million in the quarter. Management also expects net capital expenditures for fiscal 2026 to be 1.5% to 2.0% of net revenue, and it describes the company as in compliance with its debt covenants.

    Jan 9, 2026
  4. 2025-Q3

    Jabil Quarterly Report for Q3 Ended May 31, 2025

    Jabil Inc. reported net revenue of $7.83 billion for the three months ended May 31, 2025, up from $6.77 billion a year earlier, while nine-month net revenue was $21.55 billion versus $21.92 billion in the prior-year period. Net income attributable to Jabil Inc. was $222 million for the quarter (diluted EPS $2.03, compared with $1.06) and $439 million for the nine months (diluted EPS $3.94, compared with $9.86, a period that included a $944 million divestiture gain). Gross profit was $681 million for the quarter, and the filing notes gross margin declined to 8.7% from 9.0%, primarily due to product mix in the Connected Living and Digital Commerce segment. Intelligent Infrastructure drove growth, with segment net revenue up 51% for the quarter, led by cloud and data center infrastructure. Balance sheet and cash flow: Cash and cash equivalents were $1.52 billion at May 31, 2025, and notes payable and long-term debt totaled $2.88 billion. Net cash provided by operating activities was $1.05 billion for the nine months, while treasury stock purchases totaled $975 million in cash paid. The company repurchased 6.5 million shares under its 2025 program for $975 million, with $25 million remaining. On June 18, 2025, Jabil entered into a five-year, $3.2 billion senior unsecured revolving credit facility, which replaced the Existing Credit Facility. Other items: The quarter included a $46 million loss on securities from impairment of an investment in preferred stock, a $45 million gain from divestiture-related post-closing adjustments, and restructuring charges of $144 million for the nine months under the 2025 Restructuring Plan, which is expected to total approximately $200 million in pre-tax costs for fiscal 2025. The company also signed a binding agreement on June 2, 2025 to acquire Rebound Technologies, subject to regulatory clearance.

    Jun 30, 2025
  5. 2025-Q2

    Jabil Quarterly Report for Q2 Ended Feb 28, 2025

    Jabil Inc. (JBL) reported its 10-Q for the quarter ended February 28, 2025. Net revenue for the three months was $6.73 billion, down from $6.77 billion a year earlier, and for the six months was $13.72 billion versus $15.15 billion, reflecting the divestiture of the Mobility Business. Operating income fell to $245 million from $1.13 billion, a comparison that was inflated in the prior-year quarter by a $944 million divestiture gain. Net income attributable to Jabil was $117 million, or $1.06 diluted EPS, versus $927 million and $7.31 in the prior-year quarter. Excluding non-GAAP adjustments, diluted core earnings per share were $1.94 for the quarter versus $1.68 a year earlier, and the filing defines core operating income as $334 million versus $338 million. The balance sheet and capital allocation were central to the period. Cash and cash equivalents were $1.59 billion, down from $2.20 billion at August 31, 2024, and total stockholders' equity was $1.36 billion, reflecting $636 million of treasury stock purchases in the six months. The company acquired Pharmaceutics International, Inc. for $307 million and Mikros Technologies LLC for $63 million, and it issued a warrant to Amazon.com NV Investment Holdings LLC for up to 1,158,539 shares. Senior notes outstanding totaled $2.88 billion, and $4.0 billion of revolving credit capacity was available as of the period end. The company reorganized into three reportable segments effective September 1, 2024: Regulated Industries, Intelligent Infrastructure, and Connected Living and Digital Commerce. Intelligent Infrastructure revenue rose 12% for the six months, driven by cloud and data center infrastructure, while Connected Living and Digital Commerce fell 34% largely due to the Mobility Business divestiture. The 2025 Restructuring Plan is expected to generate $150 million to $200 million in pre-tax charges during fiscal 2025.

    Apr 8, 2025
  6. 2025-Q1

    Jabil Quarterly Report for Q1 Ended Nov 30, 2024

    Jabil Inc. (JBL) reported a quarter ended November 30, 2024 (Q1 fiscal 2025) with net revenue of $6.99 billion, down from $8.39 billion in the prior-year quarter, and net income attributable to Jabil Inc. of $100 million, versus $194 million a year earlier. Diluted EPS was $0.88, compared with $1.47. Management attributed the revenue decline primarily to the divestiture of the Mobility Business, which was completed December 29, 2023, and to lower revenue in the Connected Living and Digital Commerce segment. The Intelligent Infrastructure segment grew, led by cloud and data center infrastructure. Gross profit fell to $606 million from $775 million, and the company cited product mix in Connected Living and Digital Commerce. Non-GAAP diluted core EPS was $2.00, compared with $2.60 a year earlier. Cash flow and capital returns were a major theme. Operating cash flow was $312 million, and adjusted free cash flow was $226 million. Jabil repurchased treasury stock for $232 million in cash during the quarter. Total stockholders' equity fell to $1.59 billion from $1.74 billion, largely reflecting the buybacks. Cash and cash equivalents were $2.06 billion, and notes payable and long-term debt were $2.88 billion. The company had $4.0 billion of unused revolving credit capacity. In December 2024 it entered into accelerated share repurchase agreements totaling $310 million and issued a warrant to Amazon.com NV Investment Holdings LLC for up to 1,158,539 shares. The company launched a 2025 Restructuring Plan in September 2024, expecting $150 million to $200 million in pre-tax charges during fiscal 2025. Restructuring, severance and related charges were $83 million in the quarter, and the company recorded $9 million of business interruption and impairment charges related to Hurricanes Helene and Milton. Management reorganized its reporting into three segments: Regulated Industries, Intelligent Infrastructure, and Connected Living and Digital Commerce.

    Jan 10, 2025
  7. 2024-Q3

    Jabil Quarterly Report for Q3 Ended May 31, 2024

    Jabil Inc. reported third-quarter fiscal 2024 results (quarter ended May 31, 2024) with net revenue of $6.77 billion, down from $8.48 billion a year earlier, and nine-month net revenue of $21.92 billion versus $26.24 billion. Net income attributable to Jabil Inc. was $129 million for the quarter versus $233 million in the prior-year quarter, and $1.25 billion for the nine months, which includes a $944 million pre-tax gain from the divestiture of its mobility business. Diluted earnings per share were $1.06 for the quarter and $9.86 for the nine months, while diluted core earnings per share (non-GAAP) were $1.89 for the quarter versus $1.99 a year earlier. The mobility business, a product manufacturing business in Chengdu including supporting component manufacturing in Wuxi, was sold to an affiliate of BYD Electronic (International) Co. Ltd. on December 29, 2023 for approximately $2.2 billion in pre-tax cash proceeds, subject to adjustments. The company also recorded $252 million in nine-month restructuring, severance and related charges tied to its 2024 Restructuring Plan, which it expects to total approximately $300 million over fiscal 2024. Cash and cash equivalents rose to $2.46 billion from $1.80 billion at August 31, 2023, while total debt was $2.88 billion, and the company repurchased $1.8 billion of common stock during the nine months, with an additional $555 million of accelerated share repurchase agreements entered in June 2024. Total stockholders' equity was $2.28 billion at May 31, 2024, down from $2.87 billion at August 31, 2023, reflecting the share repurchases. Net cash provided by operating activities was $1.18 billion for the nine months, and the company reiterated that its liquidity sources are adequate for the next 12 months and beyond. Investors should note the concentration of revenue among a few customers, with the five largest accounting for approximately 37% of nine-month net revenue, and the shift in segment mix following the mobility divestiture.

    Jul 9, 2024
  8. 2024-Q2

    Jabil Quarterly Report for Q2 Ended Feb 29, 2024

    Jabil Inc. (JBL) reported results for the second quarter of fiscal 2024 (three months ended February 29, 2024). Net revenue was $6.77 billion, down from $8.13 billion in the prior-year quarter, and the filing attributes the decline to lower EMS revenue from 5G, wireless and cloud customers, along with the divestiture of the mobility business. Operating income rose to $1.13 billion from $359 million, driven mainly by a $944 million pre-tax gain from the December 29, 2023 sale of the Chengdu product manufacturing business (mobility). Net income attributable to Jabil was $927 million, or $7.31 per diluted share, compared with $207 million, or $1.52 per diluted share, a year earlier. Core operating income (non-GAAP) was $338 million versus $391 million, and diluted core EPS was $1.68 versus $1.88. On the balance sheet, cash and cash equivalents increased to $2.57 billion, total assets fell to $17.12 billion, and notes payable and long-term debt was $2.88 billion. Six-month operating cash flow was $666 million, and adjusted free cash flow (non-GAAP) was $221 million. The company repurchased $1.3 billion of common stock year to date, with $1.2 billion remaining under its amended 2023 Share Repurchase Program. The company also launched a 2024 Restructuring Plan expected to total approximately $300 million in pre-tax charges during fiscal 2024. For investors, the key tensions are a shrinking top line and thinner core margins against a one-time gain that inflated reported GAAP earnings, alongside heavy capital return. The filing also notes that five largest customers accounted for approximately 39% of six-month net revenue, a concentration risk that remains relevant going forward.

    Apr 5, 2024
  9. 2024-Q1

    Jabil Quarterly Report for Q1 Ended Nov 30, 2023

    Jabil Inc. reported net revenue of $8.39 billion for the three months ended November 30, 2023, down from $9.64 billion a year earlier, a decrease the filing states as 12.9%. The filing attributes the decline mainly to the EMS segment, where revenue fell 21%, driven by lower 5G, wireless and cloud revenue as that business moved to a customer-controlled consignment model, along with declines in digital print and retail and in industrial and semi-capital equipment. The DMS segment's revenue fell 6%. Gross profit rose to $775 million from $743 million, and gross margin widened to 9.2% from 7.7%, which the filing attributes to product mix, improved profitability across various businesses, and no longer recording depreciation on assets held for sale. Operating income declined to $303 million from $362 million because restructuring, severance and related charges rose to $127 million from $45 million. Net income attributable to Jabil was $194 million, or $1.47 per diluted share, compared with $223 million, or $1.61 per diluted share. Non-GAAP diluted core earnings per share were $2.60, versus $2.31. Cash flow and capital returns were stronger. Net cash provided by operating activities was $448 million, versus $166 million, and adjusted free cash flow was $173 million, versus $2 million. Cash and cash equivalents were $1.55 billion at quarter end, and notes payable and long-term debt totaled $2.88 billion. The company completed a $500 million accelerated share repurchase in the first quarter of fiscal 2024 and has $2.0 billion remaining under its 2023 Share Repurchase Program. Its 2024 Restructuring Plan is expected to cost approximately $300 million in pre-tax charges over fiscal 2024, with about $200 million in net cash expenditures payable over fiscal 2024 and 2025. The filing also reports the sale of the mobility business to an affiliate of BYD Electronic (International) for approximately $2.2 billion in cash, which closed on December 29, 2023, after the quarter ended. Assets and liabilities of the business were classified as held for sale at quarter end. The five largest customers accounted for approximately 44% of net revenue during the quarter.

    Jan 9, 2024
  10. 2023-Q3

    Jabil Quarterly Report for Q3 Ended May 31, 2023

    Jabil Inc. (JBL) reported results for the three and nine months ended May 31, 2023 in this Form 10-Q. Net revenue was $8.48 billion for the quarter, up from $8.33 billion a year earlier, and $26.24 billion for the nine months, up from $24.45 billion. Operating income was $375 million for the quarter versus $321 million, and $1.10 billion for the nine months versus $984 million. Net income attributable to Jabil was $233 million for the quarter ($1.72 diluted EPS) and $663 million for the nine months ($4.86 diluted EPS), compared with $218 million ($1.52) and $681 million ($4.67) in the prior-year periods. Nine-month results include $45 million of restructuring, severance and related charges tied to a headcount reduction. Cash flow from operations was $1.05 billion for the nine months, compared with $745 million a year earlier. Adjusted free cash flow, a non-GAAP measure defined in the filing, was $368 million versus $147 million. Cash and cash equivalents were $1.48 billion at May 31, 2023. Total notes payable and long-term debt rose to $3.17 billion from $2.88 billion at August 31, 2022, reflecting the April 2023 issuance of $300 million of 5.450% Senior Notes due 2029, which the company intends to use together with available cash to repay $300 million of 4.900% Senior Notes due July 2023. The company reported $3.9 billion of unused revolving credit capacity and said it was in compliance with its debt covenants. Management cited higher interest expense of $216 million for the nine months (versus $105 million) and higher other expense tied to securitization and receivables sale program fees. The company repurchased shares under its 2023 program, with $821 million remaining available as of May 31, 2023, and declared quarterly dividends of $0.08 per share. Management expects net capital expenditures of approximately $875 million for fiscal 2023.

    Jun 30, 2023
  11. 2023-Q2

    Jabil Quarterly Report for Q2 Ended Feb 28, 2023

    Jabil Inc. reported net revenue of $8,134 million for the three months ended February 28, 2023, up from $7,553 million a year earlier, an increase the filing states as 7.7%. For the six months, net revenue was $17,769 million versus $16,120 million, a 10.2% increase. Gross profit was $661 million for the quarter (8.1% of net revenue, consistent with the prior-year period), and operating income rose to $359 million from $313 million. Net income attributable to Jabil Inc. declined to $207 million from $222 million for the quarter, and diluted EPS was $1.52 versus $1.51. Interest expense more than doubled to $72 million from $33 million, driven by higher interest rates on the commercial paper program and credit facilities. Non-GAAP diluted core earnings per share were $1.88 for the quarter versus $1.68. Cash flow improved, with net cash provided by operating activities of $580 million for the six months versus $200 million a year earlier. Adjusted free cash flow (non-GAAP) was $112 million compared with negative $74 million. Cash and cash equivalents were $1.2 billion at February 28, 2023, and total notes payable and long-term debt was $2,900 million. The company had $3.8 billion of unused revolving credit facility capacity and $975 million remaining under its 2023 Share Repurchase Program. Management expects fiscal 2023 net capital expenditures of approximately $875 million. The filing notes a $45 million restructuring, severance and related charge in the six months, tied to a headcount reduction. It also states that about 44% of six-month net revenue came from the five largest customers, and that the company expects $800 million of cloud-business components to shift to a customer-controlled consignment model in fiscal 2023, which it expects to produce higher gross margins and lower cash use in that business.

    Apr 5, 2023
  12. 2023-Q1

    Jabil Quarterly Report for Q1 Ended Nov 30, 2022

    Jabil Inc. reported net revenue of $9.64 billion for the three months ended November 30, 2022, up from $8.57 billion a year earlier, an increase the filing states as 12.5%. Gross profit rose to $743 million from $675 million, but gross margin as a percentage of net revenue slipped to 7.7% from 7.9%, which the company attributed primarily to product mix. Operating income increased to $362 million from $350 million, though net income attributable to Jabil fell to $223 million from $241 million. Restructuring, severance and related charges of $45 million, tied to headcount reductions, and higher interest expense of $61 million (versus $33 million) weighed on results. Diluted EPS was $1.61 versus $1.63 on a U.S. GAAP basis, while non-GAAP diluted core EPS rose to $2.31 from $1.92. Cash flow improved sharply. Net cash provided by operating activities was $166 million, compared with a use of $46 million a year earlier, and adjusted free cash flow (non-GAAP) was $2 million versus negative $119 million. Cash and cash equivalents declined to $1.22 billion from $1.48 billion at August 31, 2022, and total notes payable and long-term debt was $2.88 billion. The company reported $3.8 billion of unused capacity under its revolving credit facilities, and the sales cycle lengthened to 39 days from 32 days in the prior quarter, which management linked to higher raw material balances amid supply chain constraints and the timing of purchases and payments. The filing also details capital allocation and risk concentration. Jabil expects net capital expenditures of approximately $875 million for fiscal year 2023 and plans to continue regular quarterly dividends of $0.08 per share. It repurchased 2.6 million shares under its programs during the quarter, leaving $102 million under the 2022 Share Repurchase Program, and a new $1.0 billion 2023 program had no repurchases as of quarter end. The five largest customers accounted for approximately 47% of net revenue, and foreign source revenue was 85.7% of net revenue.

    Jan 6, 2023
  13. 2022-Q3

    Jabil Quarterly Report for Q3 Ended May 31, 2022

    Jabil Inc. reported results for the three and nine months ended May 31, 2022 in this Form 10-Q. Net revenue for the quarter was $8.33 billion, up from $7.22 billion a year earlier, and the filing states a 15.4% increase. For the nine months, net revenue was $24.45 billion versus $21.88 billion, an 11.8% increase. Gross profit for the quarter was $619 million (7.4% of net revenue, versus 7.9% a year earlier), and the filing attributes the margin decline primarily to product mix. Operating income rose to $321 million from $240 million, and net income attributable to Jabil Inc. was $218 million versus $169 million. Diluted EPS was $1.52 for the quarter and $4.67 for the nine months, compared with $1.12 and $3.41 a year earlier. Diluted core EPS (non-GAAP) was $1.72 for the quarter and $5.32 for the nine months. Balance sheet and cash flow items warrant attention. Inventories rose to $5.98 billion from $4.41 billion at August 31, 2021, which the filing attributes primarily to higher raw material balances due to supply chain constraints. Cash and cash equivalents were $1.07 billion, and net cash provided by operating activities for the nine months was $745 million, against $1.07 billion of capital expenditures and $470 million of proceeds from asset sales. Adjusted free cash flow (non-GAAP) was $147 million. Total notes payable and long-term debt was $2.88 billion. In May 2022 the company issued $500 million of 4.250% Senior Notes due 2027 and used the proceeds to redeem its 4.700% Senior Notes due 2022, incurring a $4 million loss on debt extinguishment. Capital returns continued during the period. The company repurchased 8.6 million shares for $517 million under its 2022 Share Repurchase Program, leaving $483 million available, and paid quarterly dividends of $0.08 per share. The filing states that management expects net capital expenditures of approximately $850 million for fiscal year 2022. The company also disclosed that it had $3.8 billion of unused revolving credit capacity and $905 million of liquidity under its trade accounts receivable sale programs.

    Jul 1, 2022
  14. 2022-Q2

    Jabil Quarterly Report for Q2 Ended Feb 28, 2022

    Jabil Inc. (JBL) filed this Quarterly Report on Form 10-Q for the three and six months ended February 28, 2022. For the quarter, net revenue was $7.55 billion, up from $6.83 billion a year earlier, and net income attributable to Jabil Inc. was $222 million, or $1.51 per diluted share, compared with $152 million and $0.99 a year earlier. Operating income rose to $313 million from $236 million. For the six months, net revenue was $16.12 billion versus $14.66 billion, and diluted EPS was $3.15 versus $2.30. Management attributed the gross profit margin decline to product mix, and the company cited supply chain constraints as the driver of higher raw material inventory. Cash flow and liquidity were mixed. Net cash provided by operating activities for the six months was $200 million, compared with $86 million a year earlier, while inventories rose to $5.40 billion from $4.41 billion at August 31, 2021. Cash and cash equivalents fell to $1.09 billion from $1.57 billion. Total notes payable and long-term debt was $2.88 billion, and the company reported $3.8 billion of unused revolving credit capacity. Share repurchases totaled $272 million for the six months, with $686 million remaining under the 2022 Share Repurchase Program. Customer concentration remained high, with the five largest customers accounting for approximately 47% of net revenue for the six months. The filing describes ongoing COVID-19 disruptions to operations and supply chains, and the amended risk factor on international operations now references the invasion of Ukraine and related sanctions. Management stated that it expects capital expenditures of approximately $850 million for fiscal year 2022 and that liquidity will be adequate for the next 12 months and beyond.

    Apr 1, 2022
  15. 2022-Q1

    Jabil Quarterly Report for Q1 Ended Nov 30, 2021

    Jabil Inc. (JBL) reported net revenue of $8.57 billion for the first quarter of fiscal 2022 (three months ended November 30, 2021), up from $7.83 billion a year earlier, a 9.4% increase. Gross profit rose to $675 million from $635 million, though gross margin slipped to 7.9% from 8.1%, which the company attributed primarily to product mix in the DMS segment. Operating income was $350 million versus $314 million, and net income attributable to Jabil was $241 million, or $1.63 per diluted share, compared with $200 million, or $1.31 per diluted share. Core diluted earnings per share, a non-GAAP measure the company reports, were $1.92 versus $1.60. Cash flow was weaker in the quarter. Net cash used in operating activities was $46 million, compared with $65 million provided a year earlier, driven mainly by higher accounts receivable, inventories and contract assets. Cash and cash equivalents fell to $1.23 billion from $1.57 billion at August 31, 2021. Adjusted free cash flow was negative $119 million. Total notes payable and long-term debt was $2.88 billion, and the company reported $3.8 billion of unused revolving credit capacity. Management said it expects net capital expenditures of approximately $830 million for fiscal 2022. The company repurchased 2.8 million shares for $169 million during the quarter and has $831 million remaining under its 2022 Share Repurchase Program. It declared a quarterly dividend of $0.08 per share, and management stated it expects to continue regular quarterly dividends. Customer concentration remains high, with the five largest customers accounting for approximately 49% of net revenue, and 84.8% of revenue came from foreign sources.

    Jan 7, 2022
  16. 2021-Q3

    Jabil Quarterly Report for Q3 Ended May 31, 2021

    Jabil Inc. reported net revenue of $7.21 billion for the three months ended May 31, 2021, up from $6.34 billion a year earlier, and $21.88 billion for the nine months, up from $19.97 billion. Operating income for the quarter was $239.8 million versus $59.4 million a year earlier, and net income attributable to Jabil Inc. was $169.5 million, or $1.12 diluted earnings per share, compared with a net loss of $50.96 million, or $(0.34) per share, in the prior-year quarter. For the nine months, net income attributable to Jabil was $521.6 million, or $3.41 diluted EPS. The filing attributes gross profit improvement to product mix, improved profitability and lower incremental and idle labor costs tied to COVID-19 disruptions, which the company quantified at $44.3 million for the quarter and $72.1 million for the nine months. Restructuring charges fell sharply, from $69.2 million to $0.7 million in the quarter. Cash flow and liquidity were mixed. Net cash provided by operating activities for the nine months was $670.9 million, but inventories rose to $3.98 billion from $3.13 billion at August 31, 2020, and capital expenditures were $878.0 million, leaving adjusted free cash flow of $79.5 million. Total debt rose to $2.93 billion, mainly from the issuance of $500.0 million of 1.700% Senior Notes due 2026 in April 2021, and the revolving credit facility was increased to $1.2 billion from $700.0 million. The company had $3.8 billion of unused revolving capacity and about $1.24 billion of cash at period end. The company also terminated its foreign asset-backed securitization program on June 28, 2021, paying approximately $167.0 million in cash. Capital return continued during the period, with $261.8 million spent on treasury stock purchases for the nine months and $124.4 million remaining under the 2020 Share Repurchase Program. Management stated that it expects liquidity to be adequate for the next 12 months and expects to continue regular quarterly dividends of $0.08 per share.

    Jul 2, 2021
  17. 2021-Q2

    Jabil Quarterly Report for Q2 Ended Feb 28, 2021

    Jabil Inc. (JBL) reported results for the fiscal 2021 second quarter ended February 28, 2021. Net revenue for the three months was $6.83 billion, up from $6.13 billion a year earlier, and for the six months was $14.66 billion, up from $13.63 billion. Operating income rose to $236.4 million for the quarter from $90.6 million, and net income attributable to Jabil Inc. was $151.7 million, or $0.99 per diluted share, compared with a net loss of $3.3 million, or $(0.02) per diluted share, in the prior-year quarter. Gross profit as a percentage of net revenue increased to 8.3% from 7.0%, which the company attributed to product mix, improved profitability across businesses and lower incremental and idle labor costs tied to COVID-19 disruptions. The DMS segment drove much of the growth, with its net revenue up 26% for the quarter. Cash flow and liquidity were weaker on a six-month basis. Net cash provided by operating activities was $85.9 million, while acquisitions of property, plant and equipment totaled $661.2 million, leaving adjusted free cash flow of $(308.5) million (a non-GAAP measure). Cash and cash equivalents declined to $838.1 million from $1.39 billion at August 31, 2020. Total notes payable and long-term debt was $2.73 billion, and the company stated it had $3.8 billion of unused revolving credit capacity. Inventories increased to $3.56 billion from $3.13 billion, and the filing notes the build was to support expected third-quarter sales. The company repurchased 3.4 million shares for $132.0 million during the six months and had $254.1 million remaining under its 2020 Share Repurchase Program. Quarterly dividends of $0.08 per share were declared in October 2020 and January 2021. The filing states that COVID-19 continues to affect operations in Asia, Europe and the Americas and has caused supply chain constraints and additional direct costs.

    Apr 2, 2021
  18. 2021-Q1

    Jabil Quarterly Report for Q1 Ended Nov 30, 2020

    Jabil Inc. (JBL) reported net revenue of $7.83 billion for the three months ended November 30, 2020, up from $7.51 billion a year earlier. Operating income rose to $313.95 million from $152.78 million, and net income attributable to Jabil Inc. was $200.44 million, or $1.31 per diluted share, versus $40.42 million, or $0.26 per diluted share, in the prior-year quarter. The improvement was driven by a higher gross profit of $634.56 million (8.1% of net revenue versus 7.4%), lower SG&A of $302.75 million, and a restructuring credit of $1.72 million compared with a $45.25 million charge a year earlier. Management attributed the margin gain mainly to product mix and improved profitability across businesses. Diluted core earnings per share, a non-GAAP measure, were $1.60 versus $1.05. Cash generation was weak in the quarter. Operating cash flow was $65.46 million, and capital expenditures were $352.88 million, leaving adjusted free cash flow of negative $176.63 million. Cash and cash equivalents fell to $1.11 billion from $1.39 billion at August 31, 2020, largely as receivables rose to $3.65 billion and inventories to $3.27 billion. Accounts payable increased to $6.43 billion. Total debt was $2.73 billion, and the company reported $3.8 billion of unused revolving credit capacity. Management said it was in compliance with its debt covenants. The filing states that COVID-19 continued to affect operations, supply chains and certain end markets, and that the cloud business in the EMS segment was transitioning to a consignment model in fiscal 2021. Revenue from the DMS segment rose 13% while EMS fell 4%. The company repurchased 2.08 million shares during the quarter, with $336.1 million remaining under its 2020 Share Repurchase Program, and it expects fiscal 2021 net capital expenditures of approximately $800.0 million.

    Jan 8, 2021
  19. 2020-Q3

    Jabil Quarterly Report for Q3 Ended May 31, 2020

    Jabil Inc. reported net revenue of $6.34 billion for the three months ended May 31, 2020, up from $6.14 billion a year earlier, and $19.97 billion for the nine months, compared with $18.71 billion. Results were pressured by COVID-19: the company incurred approximately $67.4 million in direct COVID-19 costs in the quarter ($120.4 million for the nine months), and gross profit as a percentage of net revenue was 7.2% in the quarter. The company reported a net loss attributable to Jabil Inc. of $50.96 million for the quarter (diluted loss per share of $0.34), compared with net income of $43.48 million a year earlier. Restructuring, severance and related charges rose to $69.15 million in the quarter from $9.34 million, and the effective income tax rate for the quarter was 465.0%, reflecting a $21.2 million deferred tax re-measurement charge. Liquidity remained a focus. Cash and cash equivalents were $763.3 million at May 31, 2020, down from $1.16 billion at August 31, 2019. Net cash provided by operating activities for the nine months was $570.7 million, and adjusted free cash flow (a non-GAAP measure) was $15.5 million. Total debt was $2.49 billion, and the company entered a $2.7 billion revolving credit facility in January 2020 and added a 364-day revolving credit agreement in April 2020. Management said it expects to renew its trade receivable sale programs and refinance its $400.0 million 5.625% Senior Notes due December 15, 2020, though COVID-19 market conditions may raise the cost of capital. The company stated that COVID-19 will continue to have a material and adverse impact on its financial position, results of operations and cash flows in the near term. The company expects annual savings of approximately $40.0 million from its 2020 Restructuring Plan beginning in fiscal 2021, against roughly $85.0 million of expected pre-tax restructuring costs in fiscal 2020. Executive base salaries will be reduced by 25% from June 1, 2020 through November 30, 2020, and the company has $411.1 million remaining under its 2020 Share Repurchase Program.

    Jun 29, 2020
  20. 2020-Q2

    Jabil Quarterly Report for Q2 Ended Feb 29, 2020

    Jabil Inc. (JBL) reported its second quarter of fiscal 2020 (three months ended February 29, 2020) with net revenue of $6.13 billion, roughly flat versus $6.07 billion a year earlier, while net loss attributable to Jabil Inc. was $3.3 million, or $(0.02) per diluted share, compared with net income of $67.4 million, or $0.43 per diluted share, in the prior-year quarter. Gross profit fell to $430.1 million from $454.9 million, and operating income declined to $90.6 million from $154.0 million. Management attributes the margin pressure largely to COVID-19: the company incurred approximately $53.0 million in direct costs in the quarter, mainly incremental and idle labor costs from factory utilization reductions in China, and the filing states the outbreak will have a material adverse impact on financial condition and results of operations. Restructuring and related charges rose to $29.6 million in the quarter and $74.9 million for the six months, tied to the 2020 Restructuring Plan, which the company expects to cost approximately $85.0 million. For the six months ended February 29, 2020, net revenue was $13.63 billion, up from $12.57 billion, and net income attributable to Jabil Inc. was $37.1 million, or $0.24 per diluted share. Cash flow from operations was $84.2 million, while net capital expenditures and other investing outflows, combined with a $168.7 million share repurchase and $26.3 million in dividends, led cash and cash equivalents to decline to $696.7 million from $1.16 billion at August 31, 2019. Total notes payable and long-term debt rose to $2.72 billion, reflecting the issuance of $500.0 million of 3.600% Senior Notes due 2030 and a new $2.7 billion revolving credit facility plus a $300.0 million term loan entered January 22, 2020. Management states that it is in compliance with its debt covenants and expects its liquidity sources to be adequate for the next 12 months, while noting that COVID-19 may complicate renewal of receivables sale programs and refinancing of the 5.625% Senior Notes maturing December 15, 2020. For investors, the key points are the sharp drop in quarterly profitability, the operational disruption tied to COVID-19 in China and the company's explicit warning of a material adverse impact, and the heavier reliance on debt and receivables sale programs to fund working capital and operations. Five largest customers accounted for approximately 47% of net revenue in the six-month period.

    Apr 1, 2020
  21. 2020-Q1

    Jabil Quarterly Report for Q1 Ended Nov 30, 2019

    Jabil Inc. reported fiscal first-quarter 2020 results for the three months ended November 30, 2019, with net revenue of $7.51 billion, up from $6.51 billion a year earlier, and gross profit of $553.8 million compared with $519.7 million. Operating income fell to $152.8 million from $216.7 million, reflecting higher restructuring charges of $45.3 million (versus $6.0 million) tied to the 2020 Restructuring Plan, along with increased selling, general and administrative expenses of $328.9 million. Net income attributable to Jabil Inc. was $40.4 million, or $0.26 per diluted share, compared with $123.6 million, or $0.76 per diluted share, in the prior-year quarter. The filing states an effective income tax rate of 60.3% versus 24.8% a year earlier, driven mainly by restructuring charges carrying minimal tax benefit and a prior-year Tax Act benefit of $13.3 million. Management's non-GAAP core operating income was $277.3 million and diluted core earnings per share were $1.05, compared with $0.90 a year earlier. Adjusted free cash flow was negative $186.2 million, compared with negative $216.1 million, while net cash provided by operating activities was $20.9 million. Cash and cash equivalents declined to $719.8 million from $1.16 billion at August 31, 2019, and total debt was $2.49 billion. The company repurchased 2.6 million shares for $96.4 million under its $600.0 million 2020 Share Repurchase Program, leaving $503.6 million available, and it expects fiscal 2020 net capital expenditures of approximately $800.0 million. The company also completed the third closing of its acquisition of certain assets from Johnson & Johnson Medical Devices Companies for approximately $106.9 million in cash, and it adopted the new lease standard, recording operating lease right-of-use assets of $405.9 million. The 2020 Restructuring Plan is expected to total approximately $85.0 million in pre-tax charges, primarily in fiscal 2020, with projected annualized savings of approximately $40.0 million beginning in fiscal 2021.

    Jan 3, 2020
  22. 2019-Q3

    Jabil Quarterly Report for Q3 Ended May 31, 2019

    Jabil Inc. reported results for the three and nine months ended May 31, 2019 in this Form 10-Q, filed June 28, 2019. Net revenue for the quarter was $6.14 billion, up from $5.44 billion a year earlier, and net income attributable to Jabil Inc. was $43.5 million, compared with $42.5 million. For the nine months, net revenue was $18.71 billion versus $16.32 billion, and net income attributable to Jabil Inc. was $234.4 million versus $143.6 million. Diluted EPS for the nine months was $1.47, compared with $0.81. The company's EMS segment drove growth, with revenue rising to $3.99 billion for the quarter from $3.16 billion, while DMS revenue fell to $2.15 billion from $2.28 billion, reflecting weakness in the mobility business. The balance sheet shows cash and cash equivalents of $694.1 million, down from $1.26 billion at August 31, 2018. Accounts receivable rose to $2.70 billion, and contract assets of $899.5 million appeared following the adoption of ASU 2014-09. Total notes payable and long-term debt was $2.93 billion, and current installments of debt increased to $454.8 million. The company reported $2.0 billion of unused revolving credit capacity and states it was in compliance with its debt covenants. Operating cash flow for the nine months was $112.7 million, compared with negative $1.38 billion a year earlier, largely reflecting the change in securitization programs. The filing also notes the acquisition of certain assets of Johnson & Johnson Medical Devices Companies for approximately $153.2 million in cash, with acquisition and integration charges of $35.1 million for the nine months. The effective tax rate for the nine months was 32.4%, down from 45.6%, and the company completed the IRS settlement covering fiscal years 2009 through 2014 with no material effect. Management expects capital expenditures of approximately $800.0 million for fiscal 2019.

    Jun 28, 2019
  23. 2019-Q2

    Jabil Quarterly Report for Q2 Ended Feb 28, 2019

    Jabil Inc. reported results for the three and six months ended February 28, 2019, with net revenue of $6.07 billion for the quarter, up from $5.30 billion a year earlier, and $12.57 billion for the six months, up from $10.89 billion. Gross profit was $454.9 million in the quarter versus $397.1 million, and net income attributable to Jabil Inc. was $67.4 million, or $0.43 diluted EPS, compared with $37.3 million, or $0.21 diluted EPS, a year earlier. The filing attributes the revenue growth mainly to the EMS segment, which rose 33% in the quarter, while DMS revenue fell 7% on weakness in its mobility business. Management also notes that gross margin as a percent of revenue was flat in the quarter but fell over the six months, reflecting weakness in the capital equipment business and ramp costs in EMS. Cash flow and balance sheet activity were shaped by the adoption of ASC 606 revenue recognition and by receivables securitization changes. Cash and cash equivalents declined to $749.1 million from $1.26 billion at August 31, 2018, and total notes payable and long-term debt rose to $2.66 billion from $2.52 billion. Operating cash flow was $107.8 million for the six months, compared with a use of $864.0 million a year earlier, which the filing says was affected by the reclassification of securitization collections to investing activities. The company completed the initial closing of its acquisition of certain Johnson & Johnson Medical Devices Companies assets for approximately $80.8 million in cash, and it completed its $350.0 million 2018 share repurchase program, buying back 13.9 million shares. The company states it is in compliance with its debt covenants and expects its liquidity to be adequate for the next 12 months. It also reports $2.2 billion in unused revolving credit capacity and expects fiscal 2019 net capital expenditures of approximately $800.0 million.

    Apr 4, 2019
  24. 2019-Q1

    Jabil Quarterly Report for Q1 Ended Nov 30, 2018

    Jabil Inc. filed this Form 10-Q for the first quarter of fiscal 2019, ended November 30, 2018. Net revenue rose to $6.51 billion from $5.59 billion a year earlier, and operating income increased to $216.7 million from $145.8 million. Net income attributable to Jabil Inc. was $123.6 million, or $0.76 per diluted share, compared with $63.8 million, or $0.35 per diluted share, in the prior-year quarter. The filing attributes the higher earnings in part to a $13.3 million income tax benefit tied to the Tax Act, and notes that prior-year SG&A included $32.4 million of stock-based compensation from award modifications. Gross profit as a percent of net revenue declined to 8.0% from 8.4%, which the filing attributes to higher capital equipment business costs and ramp costs on new EMS awards. Cash flow and working capital shifted notably this quarter. Net cash used in operating activities was $91.7 million, driven by higher contract assets and accounts receivable, which the filing links to the adoption of ASU 2014-09 and to amended and new securitization programs. Cash and cash equivalents fell to $804.4 million from $1.26 billion at August 31, 2018. Total notes payable and long-term debt was $2.51 billion, and the company reported $2.3 billion of unused revolving credit capacity. The company repurchased 7.9 million shares for $204.5 million under its 2018 program, leaving $145.5 million available. The filing also discloses that Jabil adopted the new revenue standard (ASU 2014-09) effective September 1, 2018, which shifts recognition for most contracts to over time and reduced retained earnings at adoption by $42.6 million, net of tax. On December 12, 2018, the company announced that its binding offer to form a strategic collaboration with Johnson & Johnson Medical Devices Companies was accepted, subject to regulatory clearance and closing conditions, with completion expected in fiscal 2019 and 2020.

    Jan 9, 2019
  25. 2018-Q3

    Jabil Quarterly Report for Q3 Ended May 31, 2018

    Jabil Inc. (JBL) reported its third quarter of fiscal 2018 (three months ended May 31, 2018) in this Form 10-Q filed June 28, 2018. Net revenue for the quarter was $5.44 billion, up from $4.49 billion a year earlier, and net income attributable to Jabil Inc. was $42.5 million, or $0.25 per diluted share, compared with a net loss of $25.3 million in the prior-year quarter. For the nine months ended May 31, 2018, net revenue was $16.32 billion and net income attributable to Jabil Inc. was $143.6 million, or $0.81 per diluted share. Gross profit for the nine months was $1.26 billion, and the filing notes that gross margin declined as a percentage of revenue due to higher materials costs in the mobility and packaging businesses and charges related to a distressed customer. The filing also includes a $30.9 million provisional income tax expense tied to the Tax Cuts and Jobs Act, mainly a one-time mandatory deemed repatriation tax. On the balance sheet, cash and cash equivalents were $677.5 million at May 31, 2018, down from $1.19 billion at August 31, 2017, while inventories rose to $3.34 billion and total notes payable, long-term debt and capital lease obligations increased to $2.45 billion. Operating cash flow for the nine months was $194.9 million, compared with $533.0 million a year earlier, and capital expenditures were $819.2 million. The company issued $500.0 million of 3.950% Senior Notes due 2028, used to redeem $400.0 million of 8.250% Senior Notes, and it had $1.9 billion of unused revolving credit capacity. Management authorized a new $350.0 million share repurchase program in June 2018, and the company stated it was in compliance with its debt covenants. Customer concentration remains significant: the five largest customers accounted for approximately 50% of net revenue for the nine months. Mobility demand drove DMS segment growth, with DMS revenue up 27% for the nine months. The company also reports that the 2017 Restructuring Plan is expected to yield annualized savings of $70.0 million to $90.0 million beginning in fiscal 2019, and that the new revenue recognition standard will change timing of revenue for certain contracts, with the financial impact not yet reasonably estimable.

    Jun 28, 2018
  26. 2018-Q2

    Jabil Quarterly Report for Q2 Ended Feb 28, 2018

    Jabil Inc. reported results for its fiscal second quarter ended February 28, 2018. Net revenue rose to $5.30 billion for the three months, up 19.2% from $4.45 billion a year earlier, and to $10.89 billion for the six months, up 14.0% from $9.55 billion. Operating income for the quarter was $129.5 million versus $83.2 million, and net income attributable to Jabil Inc. was $37.3 million, or $0.21 per diluted share, compared with $20.7 million, or $0.11, a year earlier. Results were affected by a $30.9 million provisional income tax expense under the Tax Cuts and Jobs Act, a $14.7 million distressed customer charge, and hurricane-related business interruption and impairment charges in Puerto Rico. On a non-GAAP basis, the company reported core earnings of $116.1 million, or $0.66 per diluted share, for the quarter. Balance sheet and liquidity changes were significant. Cash and cash equivalents fell to $940.8 million from $1.19 billion at August 31, 2017, while inventories rose to $3.39 billion from $2.94 billion and total debt, including notes payable, long-term debt and capital leases, increased to $2.21 billion from $2.08 billion. The company issued $500.0 million of 3.950% Senior Notes due 2028 and used the proceeds to redeem $400.0 million of 8.250% Senior Notes due 2018. As of February 28, 2018, the company had $2.2 billion of available unused revolving credit capacity and remained in compliance with its debt covenants. The filing also flags ongoing items for investors. The IRS has proposed adjustments for fiscal years 2009 through 2014, with potential tax payments of about $28.6 million and $5.3 million, and management believes the outcome will not have a material adverse effect. The company repurchased 8.2 million shares for $225.0 million under a $450.0 million program, with $225.0 million remaining, and it expects the ASC 606 revenue standard to change revenue timing for certain contracts when adopted in fiscal 2019.

    Apr 5, 2018
  27. 2018-Q1

    Jabil Quarterly Report for Q1 Ended Nov 30, 2017

    Jabil Inc. reported first-quarter fiscal 2018 results (three months ended November 30, 2017) in this Form 10-Q. Net revenue rose to $5.59 billion from $5.10 billion a year earlier, and the filing states net revenue increased 9.4%. Gross profit was $469.3 million (8.4% of net revenue) versus $431.5 million (8.5%), while operating income declined to $145.8 million from $165.6 million. Net income attributable to Jabil Inc. was $63.8 million, or $0.35 per diluted share, compared with $88.0 million, or $0.47 per diluted share, a year earlier. Management attributed the higher SG&A expense of $293.1 million to $32.4 million of additional stock-based compensation tied to the modification of performance-based restricted stock awards and a one-time cash-settled award. Cash flow was weak in the quarter, with operating activities using $53.6 million, driven by higher inventories ($3.28 billion at quarter end versus $2.94 billion) and receivables. Cash and cash equivalents fell to $746.3 million from $1.19 billion. The company entered a new $1.8 billion revolving credit facility (expandable to $2.3 billion) and a $500.0 million term loan on November 8, 2017, and reported $2.2 billion of unused revolving capacity. It repurchased 3.2 million shares for $93.2 million under a $450.0 million program, with $356.7 million remaining, and paid a $0.08 quarterly dividend. The filing also highlights Hurricane Maria damage to the Cayey, Puerto Rico operations, with $7.4 million of net expense after $10.3 million of insurance proceeds. The company disclosed that the new revenue recognition standard will change timing for certain contracts, though its financial impact cannot yet be reasonably estimated. U.S. tax reform could materially increase the provision for income taxes, and the IRS has proposed adjustments totaling approximately $28.6 million and $5.3 million for two examination periods.

    Jan 4, 2018
  28. 2017-Q3

    Jabil Quarterly Report for Q3 Ended May 31, 2017

    Jabil Inc. (JBL) filed this Form 10-Q for the quarter ended May 31, 2017, reporting net revenue of $4.49 billion for the three months ended May 31, 2017, up from $4.31 billion a year earlier, and net revenue of $14.04 billion for the nine months, compared with $13.92 billion in the prior-year period. The company reported a net loss attributable to Jabil Inc. of $25.3 million for the quarter, versus net income of $5.2 million a year earlier, and net income of $83.4 million for the nine months, down from $216.0 million. Diluted EPS was $(0.14) for the quarter and $0.45 for the nine months. Results were weighed down by restructuring and related charges of $32.7 million in the quarter and $113.5 million year to date, tied to the 2017 Restructuring Plan, which the company expects to total approximately $195.0 million in pre-tax costs over fiscal 2017 and 2018. On the balance sheet, cash and cash equivalents were $743.9 million at May 31, 2017, down from $912.1 million at August 31, 2016. Current installments of debt rose to $539.0 million from $45.8 million, and total notes payable, long-term debt and capital lease obligations were $2.18 billion. Net cash provided by operating activities was $533.0 million for the nine months, while capital expenditures were $482.7 million. The company repurchased 9.9 million shares for $237.1 million during the nine months and paid $45.6 million in dividends, with $69.4 million remaining under its $400.0 million repurchase authorization. Management highlighted that DMS segment revenue rose 14% in the quarter, driven by mobility and healthcare growth, while EMS segment revenue fell 1%. Core operating income, a non-GAAP measure, rose 30.5% to $113.8 million for the quarter but declined 8.9% to $475.5 million for the nine months. The five largest customers accounted for approximately 46% of net revenue for the nine months.

    Jun 30, 2017
  29. 2017-Q2

    Jabil Quarterly Report for Q2 Ended Feb 28, 2017

    Jabil Circuit, Inc. reported results for the second quarter of fiscal 2017 (three months ended February 28, 2017) in this Form 10-Q filed April 5, 2017. Net revenue was $4.45 billion for the quarter, up from $4.40 billion a year earlier, while net income attributable to Jabil Circuit, Inc. fell to $20.7 million from $78.9 million. Gross profit declined to $361.9 million (8.1% of net revenue) from $399.4 million (9.1%), driven mainly by lower revenue from existing mobility customers in the DMS segment. Restructuring and related charges rose to $44.9 million from $2.5 million, reflecting the 2017 Restructuring Plan, which the company expects to total about $195.0 million over fiscal 2017 and 2018. Core earnings, a non-U.S. GAAP measure, decreased to $88.8 million from $109.3 million. For the six months ended February 28, 2017, net revenue was $9.55 billion and net income attributable to Jabil Circuit, Inc. was $108.7 million, versus $210.8 million a year earlier. The company generated $346.2 million of operating cash flow and spent $320.7 million on capital expenditures, and it repurchased 7.0 million shares for $151.4 million under a $400.0 million authorization. Cash and cash equivalents stood at $755.1 million at quarter end, against total notes payable, long-term debt and capital lease obligations of $2.10 billion. The company expects capital expenditures of $500.0 million to $600.0 million over the next 12 months. The filing also discloses an IRS proposal that would result in an income tax payment of approximately $28.6 million for fiscal years 2009 through 2011, plus interest and penalties, which the company disputes. Management states that it does not expect a material adverse effect from the matter.

    Apr 5, 2017
  30. 2017-Q1

    Jabil Quarterly Report for Q1 Ended Nov 30, 2016

    Jabil Circuit, Inc. reported net revenue of $5.10 billion for the three months ended November 30, 2016, down from $5.21 billion in the prior-year quarter. Gross profit was $431.5 million (8.5% of net revenue) versus $483.5 million (9.3%), and operating income fell to $165.6 million from $214.5 million. Net income attributable to Jabil Circuit, Inc. was $88.0 million, or $0.47 per diluted share, compared with $131.9 million, or $0.68 per diluted share, a year earlier. The filing attributes the gross profit decline primarily to lower revenue from existing mobility customers in the DMS segment, which decreased at a higher rate than certain fixed costs. Restructuring and related charges rose to $35.9 million from $1.4 million, driven mainly by the 2017 Restructuring Plan, which the company expects will cost about $195.0 million in total over fiscal 2017 and 2018. Cash and cash equivalents declined to $747.4 million from $912.1 million at August 31, 2016, as the company repurchased 5,280,210 shares for $114.2 million and paid $16.1 million in dividends. Net cash provided by operating activities was $151.9 million, and capital expenditures were $163.9 million. Total debt and capital lease obligations were $2.11 billion. The company also disclosed that the IRS proposed adjustments for fiscal years 2009 through 2011 that, if upheld, would require an income tax payment of approximately $28.6 million, which management believes would not have a material adverse effect. The filing reports that the company expects capital expenditures of $500.0 million to $600.0 million over the next 12 months and that its quarterly results are seasonal, with DMS production typically higher in the first fiscal quarter. The company operated in 28 countries as of November 30, 2016, and foreign source revenue was 92.3% of net revenue.

    Jan 9, 2017
  31. 2016-Q3

    Jabil Quarterly Report for Q3 Ended May 31, 2016

    Jabil Circuit, Inc. reported results for the third quarter of fiscal 2016 (three months ended May 31, 2016). Net revenue was $4.31 billion, down from $4.36 billion a year earlier, as DMS segment revenue fell 9% on weaker mobility demand while EMS grew 4%. Gross profit declined to $321.1 million (7.4% of net revenue) from $375.8 million, and net income attributable to Jabil Circuit, Inc. fell to $5.2 million, or $0.03 per diluted share, from $72.2 million, or $0.37 per diluted share. For the nine months, net revenue rose to $13.92 billion and net income attributable to the company was $216.0 million, or $1.12 per diluted share. Balance sheet and cash flow data show cash and equivalents of $887.0 million, total debt and capital lease obligations of $2.15 billion at May 31, 2016, and net cash provided by operating activities of $487.9 million for the nine months, versus $882.9 million a year earlier. Management attributes the lower operating cash flow mainly to a $565.6 million decrease in accounts payable, accrued expenses and other liabilities. Capital expenditures for the nine months were $668.5 million, and the company expects $500.0 million to $800.0 million in capital spending over the next 12 months. The filing also discloses a planned $300.0 million private placement of 4.900% senior notes due 2023, expected to close July 14, 2016, with proceeds to repay the $312.0 million 7.750% Senior Notes due July 15, 2016. In June 2016 the board authorized repurchases of up to $400.0 million of common shares. The company also disclosed a proposed IRS adjustment that would result in an income tax payment of approximately $34.6 million for fiscal years 2009 through 2011, which it intends to contest.

    Jun 30, 2016
  32. 2016-Q2

    Jabil Quarterly Report for Q2 Ended Feb 29, 2016

    Jabil Circuit, Inc. reported net revenue of $4,403,594 thousand ($4.40 billion) for the three months ended February 29, 2016, up from $4,309,323 thousand in the prior-year quarter, and net revenue of $9,611,571 thousand ($9.61 billion) for the six months, up from $8,859,741 thousand. Net income attributable to Jabil Circuit, Inc. was $78,930 thousand for the quarter versus $51,952 thousand a year earlier, and $210,815 thousand for the six months versus $124,114 thousand. Diluted EPS was $0.41 for the quarter and $1.09 for the six months. Operating income rose to $154,929 thousand for the quarter and $369,433 thousand for the six months. Core operating income, a non-U.S. GAAP measure the company reports, was $186,331 thousand for the quarter and $434,820 thousand for the six months. Cash flow was weaker. Net cash provided by operating activities was $72,396 thousand for the six months, compared with $525,425 thousand a year earlier, reflecting a $727,749 thousand decrease in accounts payable, accrued expenses and other liabilities. Capital expenditures were $456,028 thousand, and $206,670 thousand was paid for business acquisitions. Cash and cash equivalents were $883,218 thousand at February 29, 2016. Total notes payable, long-term debt and capital lease obligations increased to $2,349,514 thousand from $1,670,391 thousand at August 31, 2015, and the company expects to refinance its $312.0 million 7.750% Senior Notes maturing July 15, 2016. The filing also flags customer concentration, with the five largest customers accounting for approximately 53% of net revenue for the six months, and an IRS proposal that would result in an income tax payment of approximately $34.6 million for fiscal years 2009 through 2011 if the IRS prevails. The company states it disagrees with the proposed adjustments.

    Apr 5, 2016
  33. 2016-Q1

    Jabil Quarterly Report for Q1 Ended Nov 30, 2015

    Jabil Circuit, Inc. reported net revenue of $5.21 billion for the three months ended November 30, 2015, up from $4.55 billion a year earlier. Gross profit rose to $483.5 million (9.3% of net revenue) from $383.0 million (8.4%), and operating income increased to $214.5 million from $144.8 million. Net income attributable to Jabil Circuit, Inc. was $131.9 million, or $0.68 per diluted share, compared with $72.2 million, or $0.37 per diluted share, in the prior-year quarter. Management attributed the revenue increase largely to DMS segment growth, where revenues rose 30%, driven by a 26% increase in mobility customer revenues. Cash flow and liquidity moved notably in the quarter. Net cash provided by operating activities was $145.2 million, while investing outflows of $344.1 million included $252.1 million of capital expenditures. Cash and cash equivalents rose to $1.13 billion, and total notes payable, long-term debt and capital lease obligations increased to $2.17 billion from $1.67 billion at August 31, 2015, largely reflecting $527.95 million of loan borrowings compared with $30.4 million at fiscal year-end. Management expects capital expenditures of $800.0 million to $1.0 billion over the next 12 months and notes that the $312.0 million 7.750% Senior Notes mature within that period. The filing also discloses an IRS proposal that would result in a tax payment of approximately $34.6 million for fiscal years 2009 through 2011, which the company disputes and intends to contest. Management believes the matter will not have a material adverse effect, though it notes the outcome could be significantly higher than amounts provided. Subsequent to quarter-end, the company completed no significant events that would materially affect the financial statements, and it has agreed to acquire Hanson for $172.5 million plus a debt assumption, expected to close in fiscal 2016.

    Jan 6, 2016
  34. 2015-Q3

    Jabil Quarterly Report for Q3 Ended May 31, 2015

    Jabil Circuit, Inc. reported results for the quarterly period ended May 31, 2015 (third quarter of fiscal 2015). Net revenue for the three months rose to $4.36 billion from $3.79 billion a year earlier, and for the nine months to $13.22 billion from $11.71 billion. Net income attributable to Jabil Circuit, Inc. was $72.2 million for the quarter ($0.37 diluted EPS) versus $188.3 million in the prior-year quarter, which included a $238.5 million gain on the sale of discontinued operations. For the nine months, net income attributable to the company was $196.3 million ($1.00 diluted EPS). Gross profit for the quarter was $375.8 million (8.6% of net revenue), up from $216.0 million (5.7%). Growth was driven mainly by the DMS segment, where revenue rose 41.3% in the quarter, largely from its mobility business. Cash flow from operations for the nine months was $882.9 million, while capital expenditures were $735.5 million. Cash and cash equivalents stood at $962.8 million at May 31, 2015, and the filing estimates that about $726.8 million of cash held by foreign subsidiaries could not be repatriated without potential income tax consequences. Management expects capital expenditures of $800.0 million to $900.0 million over the next 12 months. The company also disclosed that the IRS proposed adjustments for fiscal years 2009 through 2011 that would result in an income tax payment of approximately $34.6 million, which the company disputes and intends to contest. Customer concentration remains significant: the five largest customers accounted for approximately 51% of net revenue for the nine months. The company repurchased 2,022,664 shares for about $40.0 million in the first quarter of fiscal 2015, completing the $100.0 million authorization, and paid quarterly dividends of $0.08 per share.

    Jun 22, 2015
  35. 2015-Q2

    Jabil Quarterly Report for Q2 Ended Feb 28, 2015

    Jabil Circuit, Inc. reported net revenue of $4.31 billion for the three months ended February 28, 2015, up from $3.58 billion a year earlier, and $8.86 billion for the six months, compared to $7.92 billion. Net income attributable to Jabil Circuit, Inc. was $51.95 million for the quarter (diluted EPS of $0.27) versus a loss of $38.67 million in the prior-year quarter, and $124.11 million for the six months (diluted EPS of $0.63). Operating income rose to $124.85 million for the quarter from $3.64 million, and gross profit rose to $367.82 million, or 8.5% of net revenue, from $213.15 million, or 6.0%. Management attributed the DMS segment's 52.3% quarterly revenue increase mainly to mobility customers, while EMS revenue rose 6.2%, partly offset by reduced handset sales following the disengagement from BlackBerry Limited. The company's balance sheet showed cash and cash equivalents of $966.4 million at February 28, 2015, and total debt, notes payable and capital lease obligations of $1.67 billion. Net cash provided by operating activities was $525.4 million for the six months, while capital expenditures were $468.2 million and the company expects capital expenditures of $650.0 million to $750.0 million over the next 12 months. The filing also notes that about $771.0 million of cash held by foreign subsidiaries could not be repatriated to the United States without potential income tax consequences. Its 2013 Restructuring Plan has recognized $150.0 million of costs to date against an expected $179.0 million total, and the company repurchased 2.0 million shares for approximately $40.0 million in the first quarter of fiscal 2015. The filing shows heavy customer concentration, with the five largest customers accounting for approximately 51% of six-month net revenue. Foreign source revenue was 86.7% of net revenue for the quarter. Management reports that the sale of the Aftermarket Services business to iQor was completed in two stages, with the Malaysian operations sold on December 31, 2014.

    Apr 7, 2015
  36. 2015-Q1

    Jabil Quarterly Report for Q1 Ended Nov 30, 2014

    Jabil Circuit, Inc. reported net revenue of $4.55 billion for the three months ended November 30, 2014, up from $4.34 billion a year earlier, and net income attributable to Jabil Circuit, Inc. of $72.2 million, down from $117.9 million. Gross profit rose to $383.0 million from $334.3 million, while selling, general and administrative expenses increased to $214.4 million from $142.5 million, partly reflecting a $38.4 million stock-based compensation reversal in the prior-year period. Diluted EPS was $0.37 versus $0.57. The company stated that DMS segment revenue increased 21.4%, driven by its mobility business, while EMS segment revenue decreased 4.7%, mainly due to reduced sales of mobility handsets following its disengagement from BlackBerry Limited. Core operating income rose 12.8% to $180.6 million and core earnings rose 21.5% to $108.2 million, both non-U.S. GAAP measures. The balance sheet shows total assets of $8.87 billion and cash and cash equivalents of $921.5 million at November 30, 2014. Accounts receivable rose to $1.58 billion from $1.21 billion, and inventories rose to $2.10 billion. Operating cash flow was $189.1 million, capital expenditures were $197.7 million, and the company repurchased 2.0 million shares for approximately $40.0 million, completing a $100.0 million authorization. The company also disclosed that $709.5 million of cash held by foreign subsidiaries could not be repatriated without potential income tax consequences, and it expects capital expenditures of $650.0 million to $750.0 million over the next 12 months. The filing also notes the sale of the Aftermarket Services business to iQor, with the Malaysian operations sale completed December 31, 2014, and a restructuring plan under which the company expects to recognize approximately $179.0 million in pre-tax costs. The company operates under two reportable segments, EMS and DMS, following a reporting change effective September 1, 2014.

    Jan 9, 2015
  37. 2014-Q3

    Jabil Quarterly Report for Q3 Ended May 31, 2014

    Jabil Circuit, Inc. reported results for the three and nine months ended May 31, 2014, in its Form 10-Q filed June 30, 2014. Net revenue for the quarter was $3.79 billion, down from $4.20 billion a year earlier, and the company posted an operating loss of $1.6 million, compared with operating income of $93.1 million in the prior-year quarter. Net income attributable to Jabil Circuit, Inc. was $188.3 million for the quarter, but this was driven by a $238.5 million net gain on the sale of the Aftermarket Services (AMS) business, which closed April 1, 2014 and is reported as discontinued operations. Loss from continuing operations was $52.9 million for the quarter. For the nine months, net revenue fell to $11.71 billion from $12.74 billion, and net income attributable to the company was $267.5 million. The filing attributes the revenue decline mainly to lower sales of High Velocity Systems products, which the company links to its disengagement from BlackBerry Limited, along with weaker Enterprise & Infrastructure sales. Gross margin narrowed to 6.6% for the nine months from 7.1%. The company recorded $42.3 million of restructuring charges under a 2014 plan tied to the BlackBerry termination and expects total pre-tax costs of $42.3 million to $70.0 million for fiscal 2014. Non-GAAP core operating income fell to $45.3 million for the quarter from $158.6 million. Balance sheet and cash flow data show cash and cash equivalents of $1.32 billion at May 31, 2014, total debt and capital lease obligations of $1.74 billion, and operating cash flow of $409.4 million for the nine months. Capital expenditures were $414.7 million, and the company repurchased 7,326,673 shares for $129.1 million under a $200.0 million authorization. The Nypro acquisition, completed July 1, 2013 for $679.5 million, contributed to revenue and SG&A in the period.

    Jun 30, 2014
  38. 2014-Q2

    Jabil Quarterly Report for Q2 Ended Feb 28, 2014

    Jabil Circuit, Inc. reported results for the three and six months ended February 28, 2014, with net revenue of $3.58 billion for the quarter, down from $4.17 billion a year earlier, and $7.92 billion for the six months versus $8.54 billion. The quarter produced a gross profit of $213.2 million and an operating income of $3.6 million, compared with $133.0 million a year earlier. The company reported a net loss attributable to Jabil Circuit, Inc. of $38.7 million (-$0.19 per diluted share) for the quarter, compared with net income of $88.5 million a year earlier, while the six-month net income attributable to the company was $79.3 million. Revenue declines were attributed to lower HVS sales from the company's disengagement from BlackBerry Limited, reduced DMS production levels, and weaker enterprise and infrastructure spending in E&I. The company is restructuring. Its 2014 Restructuring Plan, which addresses the termination of the BlackBerry relationship, carried $27.9 million and $42.5 million of charges in the quarter and six months, with expected total charges of $45.0 million to $85.0 million for fiscal 2014. The 2013 Restructuring Plan carries an expected total of $179.0 million, of which $91.2 million has been recognized to date. The company also agreed to sell its Aftermarket Services business to iQor for $725.0 million, consisting of $675.0 million in cash and $50.0 million of iQor preferred stock, and completed the sale on April 1, 2014, except for the Malaysian operations. At February 28, 2014, cash and cash equivalents were $675.1 million, total debt and capital lease obligations were $1.84 billion, and total equity was $2.32 billion. Operating cash flow for the six months was $134.6 million, and capital expenditures were $286.3 million. The company acquired Nypro Inc. on July 1, 2013 for net consideration of $679.5 million, and repurchased 3,636,678 shares during the quarter for approximately $64.0 million under a $200.0 million authorization.

    Apr 7, 2014
  39. 2014-Q1

    Jabil Quarterly Report for Q1 Ended Nov 30, 2013

    Jabil Circuit, Inc. reported results for the first quarter of fiscal 2014, ended November 30, 2013. Net revenue was $4.61 billion, roughly flat against $4.64 billion in the prior-year quarter. Gross profit rose to $368.8 million (8.0% of net revenue) from $350.6 million (7.6%), while operating income was $172.7 million versus $170.3 million. Net income attributable to Jabil Circuit, Inc. was $117.9 million, or $0.57 per diluted share, compared with $105.8 million, or $0.51, a year earlier. Results include a $39.0 million reversal of stock-based compensation and $21.3 million of restructuring and related charges. On a non-U.S. GAAP basis, the company reported core earnings of $105.4 million, down from $127.8 million. The company disclosed ongoing discussions with BlackBerry Limited regarding the termination of their business relationship, with no reserve established because a loss is not considered probable. It approved a 2014 Restructuring Plan tied to that termination, expected to cost $35.0 million to $85.0 million in fiscal 2014, and continues its 2013 Restructuring Plan, with approximately $188.0 million in total expected pre-tax costs. Five largest customers accounted for approximately 48% of net revenue. Cash and cash equivalents declined to $769.2 million from $1,011.4 million at August 31, 2013, and total debt stood at $1.80 billion. Operating cash flow was $117.7 million, with capital expenditures of $203.0 million. The company also agreed on December 17, 2013 to sell its Aftermarket Services business to iQor Holdings for $725.0 million, consisting of $675.0 million in cash and $50.0 million in preferred stock, with closing expected in the third quarter of fiscal 2014.

    Jan 9, 2014
  40. 2013-Q3

    Jabil Quarterly Report for Q3 Ended May 31, 2013

    Jabil Circuit, Inc. reported results for the third quarter of fiscal 2013 (three and nine months ended May 31, 2013). Net revenue was $4.47 billion for the quarter, up from $4.25 billion a year earlier, and $13.52 billion for the nine months, up from $12.81 billion. Operating income fell to $103.7 million from $156.6 million in the quarter, reflecting $28.4 million in restructuring charges under the 2013 Restructuring Plan and a $25.6 million impairment of notes receivable. Net income attributable to Jabil Circuit, Inc. was $50.1 million, or $0.24 diluted EPS, compared with $101.3 million, or $0.48, in the prior-year quarter. For the nine months, net income attributable was $244.5 million, or $1.18 diluted EPS, versus $311.9 million, or $1.47. The company generated $809.7 million of operating cash flow in the nine months, compared with $191.5 million a year earlier, and ended the period with $1.35 billion in cash and cash equivalents. Management attributed the operating cash flow improvement primarily to higher accounts payable and accrued expenses and lower accounts receivable. Total debt was $1.66 billion at May 31, 2013, and stockholders' equity attributable to Jabil Circuit was $2.21 billion. The filing also discloses the pending acquisition of Nypro, Inc., completed July 1, 2013 for approximately $665.0 million in cash, and a 2013 Restructuring Plan expected to cost about $188.0 million in total pre-tax charges over fiscal years 2013 through 2015, with annualized savings of approximately $65.0 million.

    Jul 2, 2013
  41. 2013-Q2

    Jabil Quarterly Report for Q2 Ended Feb 28, 2013

    Jabil Circuit, Inc. reported net revenue of $4,417,251 thousand ($4.4 billion) for the three months ended February 28, 2013, up from $4,236,174 thousand a year earlier, and $9,054,269 thousand ($9.1 billion) for the six months, up from $8,562,943 thousand. Net income attributable to Jabil Circuit, Inc. was $88,533 thousand for the quarter, down from $97,698 thousand, and $194,380 thousand for the six months, down from $210,570 thousand. Diluted EPS was $0.43 for the quarter versus $0.46 a year earlier, and $0.94 for the six months versus $1.00. Gross profit rose in absolute dollars to $324.5 million, while core earnings, a non-U.S. GAAP measure the company reports, fell to $109.3 million for the quarter from $123.2 million. Segment results show DMS and E&I growing while HVS declined, with HVS revenue down 15% in the quarter. Balance sheet and cash flow: cash and cash equivalents were $1,061,655 thousand at February 28, 2013, and total debt was $1,763,306 thousand. Operating cash flow for the six months was $305,684 thousand, against capital expenditures of $371,472 thousand. The company repurchased 7,342,904 shares for $129.3 million during the six months and paid $0.08 quarterly dividends. Accounts receivable and inventories both increased over the period. The company disclosed a pending acquisition of Nypro Inc. for an expected $665.0 million, to be funded from existing cash and credit facilities, with completion expected in its fiscal fourth quarter subject to antitrust clearances. The filing also discloses an ongoing IRS dispute over fiscal 2003 to 2005 tax returns, where the IRS contends an additional $69.3 million in tax may be due, which management believes will not have a material effect on the company's financial position.

    Apr 5, 2013
  42. 2013-Q1

    Jabil Quarterly Report for Q1 Ended Nov 30, 2012

    Jabil Circuit, Inc. reported net revenue of $4.64 billion for the three months ended November 30, 2012, up from $4.33 billion a year earlier, with net income attributable to Jabil Circuit, Inc. of $105.8 million, or $0.51 per diluted share, compared with $112.9 million, or $0.54 per diluted share, in the prior-year quarter. Gross profit rose to $350.6 million from $340.0 million, while operating income was roughly flat at $170.3 million versus $170.8 million. Growth came from the DMS and E&I segments, partly offset by a 20% decline in HVS sales. Core earnings, a non-U.S. GAAP measure the company defines as excluding amortization of intangibles and stock-based compensation, fell to $127.8 million from $136.2 million. Cash flow and liquidity shifted during the quarter. Net cash provided by operating activities was $151.9 million, but a $308.5 million increase in accounts receivable and a $195.3 million increase in inventories were offset by a $424.1 million increase in accounts payable and accrued expenses. Capital expenditures were $166.5 million, and the company repurchased 7,342,904 shares for $129.3 million, including commissions, while paying $18.6 million in dividends. Cash and cash equivalents declined to $1.03 billion from $1.22 billion at August 31, 2012, and total debt was $1.67 billion. The company expects capital expenditures of $400.0 million to $500.0 million over the next 12 months. The filing also discloses a continuing IRS dispute over fiscal 2003 through 2005 tax returns, with a proposed additional tax payment of approximately $69.3 million before utilization of tax attributes. Management believes the resolution will not have a material effect on the company's financial position, results of operations or cash flows, but cautions that an unfavorable outcome could be material to results in the period it is recorded.

    Jan 8, 2013
  43. 2012-Q3

    Jabil Quarterly Report for Q3 Ended May 31, 2012

    Jabil Circuit, Inc. reported results for the third quarter of fiscal 2012 (quarter ended May 31, 2012). Net revenue was $4.25 billion for the three months, compared with $4.23 billion a year earlier, and $12.81 billion for the nine months, up from $12.24 billion. Operating income was $156.6 million for the quarter and $477.7 million for the nine months, and net income attributable to Jabil Circuit, Inc. was $101.3 million for the quarter and $311.9 million for the nine months. Diluted EPS was $0.48 for the quarter and $1.47 for the nine months. Core earnings, a non-U.S. GAAP measure the company reports, were $134.4 million for the quarter and $393.8 million for the nine months. Cash and cash equivalents fell to $742.1 million at May 31, 2012 from $888.6 million at August 31, 2011. Net cash provided by operating activities was $191.5 million for the nine months, versus $524.4 million a year earlier, reflecting higher prepaid expenses and inventories. Total notes payable and long-term debt rose to $1.44 billion, and the company entered into an amended and restated $1.3 billion revolving credit facility on March 19, 2012. Capital expenditures were $291.8 million for the nine months, and management expects $500.0 million to $600.0 million of capital spending over the next 12 months. The company completed the Telmar acquisition on December 1, 2011 for approximately $128.9 million in cash. Customer concentration remains high, with the five largest customers accounting for approximately 48% of net revenue in the nine months. The company is also contesting IRS proposed adjustments for fiscal years 2003 through 2005 that would imply an additional tax payment of approximately $69.3 million before utilization of tax attributes, and it is in binding arbitration with a former customer over a $10.1 million receivable and warranty claims.

    Jul 3, 2012
  44. 2012-Q2

    Jabil Quarterly Report for Q2 Ended Feb 29, 2012

    Jabil Circuit, Inc. reported results for the second quarter of fiscal 2012 (quarter ended February 29, 2012) in this Form 10-Q filed April 6, 2012. Net revenue rose to $4.24 billion for the three months, up 7.8% from $3.93 billion a year earlier, and reached $8.56 billion for the six months, up 6.9% from $8.01 billion. Operating income was $150.2 million for the quarter versus $104.6 million a year earlier, and net income attributable to Jabil Circuit, Inc. was $97.7 million, or $0.46 per diluted share, compared with $55.4 million, or $0.25 per diluted share. Management attributed the revenue growth mainly to existing customers in the Diversified Manufacturing Services segment, partly offset by declines in High Velocity Systems. Cash flow was weak in the period: net cash provided by operating activities was only $5.2 million for the six months, versus $367.6 million a year earlier, driven by a $259.0 million decrease in accounts payable and accrued expenses and a $119.8 million increase in inventories. Capital expenditures were $180.5 million, and the company acquired Telmar Network Technology, Inc. for approximately $132.2 million in cash. Cash and cash equivalents stood at $707.4 million at February 29, 2012. The filing also discloses an Internal Revenue Service examination of fiscal 2003 through 2005 that proposes about $69.3 million in additional tax, which the company is contesting, and a new five-year revolving credit facility of $1.3 billion entered into on March 19, 2012. The board also authorized a $100.0 million share repurchase program, of which about $60.0 million remained available at quarter end.

    Apr 6, 2012
  45. 2012-Q1

    Jabil Quarterly Report for Q1 Ended Nov 30, 2011

    Jabil Circuit, Inc. reported net revenue of $4.33 billion for the three months ended November 30, 2011, up from $4.08 billion a year earlier, driven mainly by increased revenue from existing customers and new program wins. Gross profit rose to $340.0 million (7.9% of net revenue) from $310.6 million (7.6%), and operating income increased to $170.8 million from $156.0 million. Net income attributable to Jabil Circuit, Inc. was $112.9 million, or $0.54 per diluted share, compared with $106.7 million, or $0.49 per diluted share, in the prior-year quarter. Cash flow from operations was $114.6 million in the quarter, compared with a use of $82.7 million a year earlier, largely reflecting the timing of payables and accrued expenses. Cash and cash equivalents were $861.9 million at November 30, 2011. Total notes payable and long-term debt stood at $1.20 billion, and the company declared a quarterly dividend of $0.08 per share. Management also authorized up to $100.0 million in share repurchases over the twelve months following October 20, 2011. The filing highlights concentration risk, with the five largest customers accounting for approximately 49% of net revenue, and an open IRS dispute over fiscal 2003 to 2005 tax returns, where the IRS proposed approximately $69.3 million of additional tax before utilization of attributes. Management believes the dispute will not have a material effect on financial position or liquidity. Subsequent to quarter-end, the company completed the acquisition of Telmar Network Technology, Inc. for approximately $128.5 million in cash on December 1, 2011.

    Jan 9, 2012
  46. 2011-Q3

    Jabil Quarterly Report for Q3 Ended May 31, 2011

    Jabil Circuit, Inc. reported net revenue of $4.23 billion for the three months ended May 31, 2011, up from $3.46 billion a year earlier, and $12.24 billion for the nine months, up from $9.55 billion. Net income attributable to Jabil Circuit, Inc. was $104.7 million for the quarter (diluted EPS $0.47) versus $52.0 million (diluted EPS $0.24) a year earlier, and $266.8 million for the nine months (diluted EPS $1.21) versus $110.1 million. Operating income rose to $152.5 million for the quarter and $413.2 million for the nine months. The company attributes the revenue growth mainly to increased business from existing customers, including new program wins. Core earnings, a non-U.S. GAAP measure the company reports, were $129.1 million for the quarter and $380.0 million for the nine months. Balance sheet and cash flow strengthened over the period. Cash and cash equivalents rose to $911.1 million from $744.3 million at August 31, 2010, and net cash provided by operating activities was $524.4 million for the nine months, compared with $142.2 million a year earlier. The company issued $400.0 million of 5.625% Senior Notes due 2020 and used the proceeds to repay its term credit facility and part of its foreign securitization borrowings. Capital expenditures were $321.0 million for the nine months, and management expects $300.0 million to $400.0 million over the next twelve months. The filing also flags risks. The IRS has proposed adjustments that would result in additional income tax of approximately $69.3 million for fiscal years 2003 through 2005, which the company is contesting. Five largest customers accounted for approximately 48% of nine-month net revenue. Several receivables securitization and sale programs expire during 2011 and 2012, and the company acquired previously divested French and Italian operations (the Competence Sites) during the quarter.

    Jun 30, 2011
  47. 2011-Q2

    Jabil Quarterly Report for Q2 Ended Feb 28, 2011

    Jabil Circuit, Inc. reported results for the second quarter of fiscal 2011 (three months ended February 28, 2011). Net revenue rose to $3.93 billion from $3.00 billion, an increase the filing states as 30.8%, and net income attributable to Jabil Circuit, Inc. was $55.4 million versus $29.8 million a year earlier. For the six months, net revenue was $8.01 billion and net income attributable to the company was $162.1 million, or $0.74 diluted EPS. Gross margin was 7.5% of net revenue in the quarter, and operating income was $104.6 million. Results were helped by growth from existing customers and new program wins, but were reduced by a $23.9 million loss on disposal of subsidiaries and a $13.6 million settlement of receivables and related charges, both tied to the French and Italian Competence Sites that Jabil re-acquired on February 21, 2011. The balance sheet and liquidity position strengthened during the period. Cash and cash equivalents were $902.3 million at February 28, 2011, up from $744.3 million at August 31, 2010. Operating cash flow for the six months was $367.6 million, and capital expenditures were $207.3 million. In the first quarter the company issued $400.0 million of 5.625% Senior Notes due 2020 and used the proceeds to repay the term portion of its credit facility. Total notes payable and long-term debt was $1.24 billion. The company also amended its revolving credit facility to $1.0 billion, expiring December 7, 2015. Management said it expects capital expenditures of $375.0 million to $425.0 million over the next 12 months. The filing also flags risks. The IRS has proposed adjustments for fiscal years 2003 through 2005 that would add approximately $69.3 million in income tax payments if the IRS prevails, and the company intends to contest them. Several accounts receivable securitization and sale programs expire during 2011, and management noted it may be unable to renew them. Customer concentration is high: the five largest customers accounted for approximately 47% of net revenue for the six months.

    Apr 8, 2011
  48. 2011-Q1

    Jabil Quarterly Report for Q1 Ended Nov 30, 2010

    Jabil Circuit, Inc. reported net revenue of $4.08 billion for the first quarter of fiscal 2011 (three months ended November 30, 2010), up from $3.09 billion a year earlier, with net income attributable to Jabil Circuit, Inc. of $106.7 million, or $0.49 per diluted share, compared with $28.3 million, or $0.13 per diluted share, in the prior-year quarter. Gross profit rose to $310.6 million (7.6% of net revenue) and operating income to $156.0 million. Management reports core earnings of $132.1 million, a non-U.S. GAAP measure that excludes amortization, stock-based compensation, restructuring and other items. Revenue growth was attributed to existing customers and programs, new customer wins, and new program wins. Cash flow and balance sheet items were mixed. Net cash used in operating activities was $82.7 million, driven mainly by a $150.1 million increase in inventories and a $139.8 million decrease in accounts payable and accrued expenses. Capital expenditures were $101.3 million. Total notes payable and long-term debt rose to $1.30 billion from $1.19 billion, following the issuance of $400.0 million of 5.625% Senior Notes due 2020, which were used to repay the term portion of the Credit Facility. Cash and cash equivalents fell to $630.2 million. The company also reported that its asset-backed securitization program was amended to be accounted for as a sale, which reduced days in trade accounts receivable to 26 days. Subsequent to quarter-end, on December 7, 2010, Jabil amended and restated its credit facility to provide a $1.0 billion revolving credit facility, expiring December 7, 2015. The filing also discloses an IRS Revenue Agent's Report proposing an additional tax payment of approximately $69.3 million for fiscal years 2003 through 2005, which the company disagrees with and intends to contest. Management believes the matter will not have a material effect on financial position or liquidity.

    Jan 7, 2011
  49. 2010-Q3

    Jabil Quarterly Report for Q3 Ended May 31, 2010

    Jabil Circuit, Inc. reported results for the third quarter of fiscal 2010 (three months ended May 31, 2010) and nine months ended May 31, 2010. Net revenue for the quarter was $3.46 billion, up from $2.62 billion a year earlier, and the filing states the increase was 32.1%. Gross profit rose to $262.1 million (7.6% of net revenue) from $148.6 million, and net income attributable to Jabil Circuit, Inc. was $52.0 million, or $0.24 per diluted share, versus a net loss of $28.8 million in the prior-year quarter. For the nine months, net revenue was $9.55 billion and net income attributable to the company was $110.1 million, or $0.51 per diluted share, compared with a prior-year net loss of $1.17 billion that included a $1.02 billion goodwill impairment charge. Cash flow and balance sheet items warrant attention. Net cash provided by operating activities for the nine months was $142.2 million, down from $388.3 million, as inventories rose $607.7 million to $1.78 billion, and cash and cash equivalents declined to $600.3 million from $876.3 million at August 31, 2009. Capital expenditures were $245.1 million for the nine months, and the company expects $300.0 million to $350.0 million in the next twelve months. The filing also notes raw material shortages that lengthened component lead times, and that the company failed to realize some incremental revenue due to supply constraints. The filing discloses an IRS Revenue Agent's Report for fiscal years 2003 through 2005 proposing approximately $71.0 million in additional income tax before utilization of later tax attributes; management disagrees and believes the resolution will not have a material effect on financial position or liquidity. The company also reported a letter of intent to divest its remaining manufacturing operations in France and Italy, with revenue of approximately $300.0 million annually, and a loss of approximately $10.0 million anticipated in the fourth fiscal quarter.

    Jul 2, 2010
  50. 2010-Q2

    Jabil Quarterly Report for Q2 Ended Feb 28, 2010

    Jabil Circuit, Inc. reported results for the second quarter of fiscal 2010, ended February 28, 2010. Net revenue rose to $3.00 billion from $2.89 billion a year earlier, an increase of 4.1%, driven by instrumentation and medical and networking sectors. Gross profit was $222.7 million (7.4% of net revenue) versus $155.5 million (5.4%), and operating income was $61.8 million compared with an operating loss of $705.6 million in the prior-year quarter, which included goodwill impairment charges of $705.1 million. Net income attributable to Jabil Circuit, Inc. was $29.8 million, or $0.14 per diluted share, versus a net loss of $866.1 million, or $(4.19) per share, a year earlier. Management's non-GAAP core earnings were $63.3 million ($0.29 per diluted share) for the quarter. For the six months, net revenue declined 2.8% to $6.09 billion, while net income attributable to the company was $58.1 million ($0.27 per diluted share). Cash and cash equivalents fell to $794.1 million from $876.3 million at August 31, 2009. Inventories rose to $1.57 billion from $1.23 billion, largely to support new business wins and to cover raw material shortages, and operating cash flow was $104.8 million for the six months. Capital expenditures were $116.4 million, and the company paid $29.9 million in dividends. Total notes payable and long-term debt were $1.20 billion at February 28, 2010. The filing also details pending litigation. A putative shareholder class action was dismissed with prejudice by the trial court and affirmed by the Eleventh Circuit on January 19, 2010, with plaintiffs' only remaining option being a petition to the U.S. Supreme Court by May 24, 2010. The company disclosed that two of its customers had filed for bankruptcy reorganization in fiscal 2009, and it extended both of its securitization programs after the quarter end, with the North American program reduced to $200.0 million and the foreign program reduced to $100.0 million.

    Apr 6, 2010