Jabil Inc (NYSE: JBL) reported third-quarter fiscal 2024 revenue of $6.77 billion, down by 20.2% year-on-year, beating the analyst consensus estimate of $6.53 billion.
The print manufacturing company’s adjusted EPS of $1.89 beat the analyst consensus of $1.85.
Segments: Diversified Manufacturing Services (DMS) revenue declined by 23% Y/Y, and Electronics Manufacturing Services (EMS) revenue fell by 18% Y/Y.
The company held $2.46 billion in cash and equivalents as of May-end.
“It’s clear that Jabil has navigated a period of significant transformation this fiscal year: a year in which we divested our Mobility business, captured growth in the AI datacenter space, and experienced softness across multiple end-markets,” said CEO Mike Dastoor.
“And importantly, in the mid-to-longer-term we remain well-positioned to benefit from many of the world’s powerful trends in areas like datacenter power and cooling, electric and hybrid vehicles, healthcare and pharma solutions, semi-cap equipment, and automated warehousing to name a few,” he concluded.
Q4 Outlook: Jabil expects fourth-quarter revenue of $6.3 billion – $6.9 billion (consensus: $6.8 billion) and adjusted EPS to $2.03 – $2.43 (consensus: $2.22).
FY24 guidance: The company also reiterated revenue guidance of $28.5 billion (vs. consensus: $28.49 billion) and core EPS of $8.40 (vs. estimate of $8.37).
Price Action: JBL shares are trading lower by 5.53% at $119.25 premarket at the last check Thursday.
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