ST. PETERSBURG, FL – Jabil reported fiscal first quarter net revenue of $8.6 billion, an increase of 9.4% year-over-year.

Electronics manufacturing services grew 7% year-over-year. Diversified manufacturing services grew 11%.

Net income for the quarter ended Nov. 30 was $241 million, up 19.9% compared to the same period last year. Operating income was $350 million, growth of 11.5%.

“Our momentum continues, and I’m thrilled with our teams’ strong performance in the first quarter,” said chairman and CEO Mark Mondello. “During the quarter, our financial results were supported by growth in key end-markets and successful management of a very dynamic supply chain environment. Our performance is illustrative of both the power of our talented workforce and the resiliency of our large-scale diversified model, which serves a broad range of end-markets today.”

Cash and cash equivalents as of Nov. 30 were $1.2 billion, compared to $1.6 billion as of Aug. 31.

For the fiscal second quarter of 2022, Jabil expects net revenue between $7.1 billion and $7.7 billion and US GAAP operating income of $266 million to $326 million.

“Our commercial portfolio has been constructed to deliver reliable margins and strong free cash flows, and what we're doing is working. Given our strong start to the year, combined with our improved forecast, we now expect full-year 2022 revenue will be $31.8 billion.”