Jabil Inc Reports Fourth Quarter and Fiscal Year 2024 Financial Results
Intellectia.AI2024-09-26
Jabil Inc. Reports Fourth Quarter and Fiscal Year 2024 Financial Results
Jabil Inc. (NYSE: JBL) announced its unaudited financial results for the fourth quarter and fiscal year that concluded on August 31, 2024.
Key Financial Metrics
| Financial Metric | Q4 FY24 | Cons. Estimates (Q4 FY24) |
|---|---|---|
| Net Revenue | $7.0 billion | $6.59 billion |
| U.S. GAAP Operating Income | $318 million | - |
| U.S. GAAP Diluted EPS | $1.18 | - |
| Core Operating Income (Non-GAAP) | $401 million | - |
| Core Diluted EPS (Non-GAAP) | $2.30 | $2.22 |
| Net Revenue (FY24) | $28.9 billion | $28.51 billion (est.) |
| Core Diluted EPS (FY24) (Non-GAAP) | $8.49 | $8.4 (est.) |
Jabil's fourth-quarter performance exceeded Wall Street consensus estimates with higher-than-anticipated revenue and earnings per share. This positive result is indicative of the company's successful management amid a challenging market climate.
Key Developments and Operational Highlights
- Divestiture of the Mobility business, shifting focus towards growth sectors such as AI datacenters.
- Return of $2.5 billion to shareholders through stock buybacks.
- Continued expansion in key markets, including datacenter power and cooling, electric and hybrid vehicles, and healthcare.
Executive Commentary
CEO Mike Dastoor remarked on Jabil's transformation throughout the fiscal year, highlighting strategic divestitures and a focus on promising market sectors as pivotal elements of the company’s strategy. Jabil aims to leverage current market trends in sectors like datacenter power and hybrid vehicles to bolster mid-to-long-term growth.
Share Repurchase Program
Jabil's Board of Directors has approved a new $1 billion share repurchase authorization. The company plans to execute buybacks through various methods based on prevailing market conditions.
Forward Guidance
Jabil has provided an outlook for fiscal year 2025 but detailed forward-looking statements and specific financial projections were not disclosed in the earnings release.
Stock Price Movement
Following the earnings announcement, Jabil's stock experienced a notable price increase of approximately 10.4%. This surge reflects investor confidence in the company’s financial health and strategic direction.
Jabil Inc.'s robust results in fiscal year 2024 underscore its resilience and adaptability amidst evolving market challenges, with strategic initiatives expected to drive future growth.
Share