Jabil Posts Fourth Quarter & Fiscal Year 2012 Resu Jabil Posts Fourth Quarter & Fiscal Year 2012 Results
Record Fiscal Year Despite Macro Weakness
Slide Presentation
Statement of Income and Balance Sheet Data for Fourth Quarter & Fiscal Year 2012 Results
Forward - Looking Statement
St. Petersburg, FL - September 25, 2012...Today Jabil Circuit, Inc. (NYSE: JBL), announced its preliminary, unaudited financial results for the fourth quarter and full fiscal year, ended August 31, 2012. The company reported fourth quarter revenue of $4.3 billion and fiscal year revenue of $17.2 billion. "In this environment, posting another record fiscal year in revenue, income and earnings was quite an achievement," said Timothy L. Main, President and CEO of Jabil.
Market share gains, new customer wins and new production from existing customers allowed Jabil to grow its targeted markets during the fiscal year while most of the industry contracted. Jabil's Diversified Manufacturing Services business grew 24 percent in fiscal 2012. Although Jabil picked up share gains in its Enterprise & Infrastructure business during the year, overall demand weakened, resulting in a decrease of 2 percent from fiscal 2011. Jabil's High Velocity business declined 14 percent during the fiscal year.
"Results for the fourth quarter were negatively impacted by a challenging new program ramp in our Specialized Services sector," said Main. "Additionally demand remained weak in most of our business segments." Generally accepted accounting principles (GAAP) operating income for the quarter was $144 million. These results were negatively impacted by a distressed customer charge of $5.9 million. Excluding amortization of intangibles, stock-based compensation and distressed customer charges, operating income was $175 million. GAAP diluted earnings per share was $0.39 cents and core diluted earnings per share was $0.54 cents.
"We are pleased to have generated cash flow from operations of $443 million during the quarter and $634 million over the course of the year. Due to this outstanding performance and ongoing strength of the balance sheet, we were able to return $136 million in capital to shareholders during the fiscal year through dividends and share repurchases," said Chief Financial Officer Forbes Alexander. "We see this positive performance continuing and are estimating operating cash flow of $1 billion in fiscal 2013," Alexander noted.
Management also announced that the Jabil Board of Directors has authorized the repurchase of up to $100 million worth of shares of the Company's common stock during the next twelve months. The shares will be repurchased from time-to-time in open market or through privately negotiated transactions at the Company's discretion, subject to factors such as market conditions, levels of cash generation from operations, cash requirements for capital expenses and acquisitions and stock price. The repurchased shares should help to minimize the dilution from the Company's employee equity issuance.
https://jbl.client.shareholder.com/releasedetail.cfm?ReleaseID=709388
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