ST. PETERSBURG, FL – Jabil Circuit reported fourth-quarter revenues
of $3.26 billion up 4%, and operating income of $87.8 million, up 74%
year-over-year.
Net income increased 390% to $57.5 million compared to the
same period last year.
For the period ended Aug. 31, the GAAP operating income was
$86.5 million, up 60% from last year. Core operating income excluding
amortization of intangibles, stock based compensation, and restructuring
charges for the quarter was $104.6 million (3.2% of revenue) versus $103.8
million (3.3%) last year.
Revenues rose 6% sequentially.
For the year, revenues were up 4% to $12.8 billion, while GAAP
operating earnings were up 38% to $251.4 million. Net income was $133.9 million, up 83% compared to 2007.
The firm expects fiscal first-quarter 2009 net revenue in a range of $3.4 billion to $3.6 billion.
For the third quarter, EMS sales made up 65% of sales, with core
operating income 3.5% of revenue. Industrial, instrumentation and medical
sector sales were up 7%, telecom was up 6%, networking was down 2%, automotive fell
13%, and computing and storage sector declined 1%. For the full fiscal year EMS
reported $8.2 billion in revenues, or 64% of total company revenues. Of the EMS
business, automotive was 4%; computing and storage 12%; instrumentation,
industrial and medical 19%; networking 21%; and telecommunications 7%.
Consumer sales were $1 billion, up 21% a sequentially on new
business wins in mobility and peripherals.
During the quarter, the cash sales cycle rose one day, to 20
days. Day sales outstanding grew by three days, to 41 days. Accounts payable
days outstanding improved by two days to 66 days and inventory days declined by
two days from the prior quarter. Inventory turns were flat at eight.
The company’s return on invested capital was 10%, up two
points sequentially. During the quarter, Jabil spent $123 million in capital
expenditures, bringing the full total to $338 million.
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