Jabil Inc (NYSE: JBL) reported Q1 FY24 revenue of $8.39 billion, down by 13% year-on-year, beating the consensus estimate of $8.35 billion.
Segments: Diversified Manufacturing Services (DMS) revenue declined by 6% Y/Y, and Electronics Manufacturing Services (EMS) revenue declined by 21% Y/Y.
The print manufacturing company’s adjusted EPS of $2.60 beat the consensus of $2.58.
The company held $1.55 billion in cash and equivalents as of November 30, 2023.
“As previously announced, we experienced a broad-based softening in demand during the final stretch of our first quarter, which you can see reflected in our first quarter revenue,” said CEO Kenny Wilson.
Outlook: Jabil sees Q2 revenue of $7.0 billion-$7.6 billion vs. the consensus of $7.34 billion and adjusted EPS of $1.73 – $2.13 vs. consensus of $1.93.
Jabil reiterated recently revised FY24 revenue of $31 billion vs. consensus of $31.6 billion and adjusted EPS of $9.00+ vs. consensus of $9.04.
The stock has gained 80% year-to-date.
Price Action: JBL shares are trading higher by 0.83% at $121.60 premarket on the last check Thursday.
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