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Jabil Completes the Divestiture of Mobility Business

Aligns Fiscal Year 2024 Financial Outlook to Reflect Close, Business Outlook Unchanged

ST. PETERSBURG, Fla.–(BUSINESS WIRE)–Jabil Inc. (NYSE: JBL) announced today the closing of the transaction to divest its Mobility business to BYD Electronic (International) Company Limited (“BYDE”) in a cash transaction valued at $2.2 billion. The company previously announced the signing of a definitive agreement for the transaction on September 26, 2023.

“We are pleased to successfully close this transformational deal and I am confident that this is the right step forward for Jabil,” said CEO Kenny Wilson. “The net proceeds will enable us to enhance our shareholder-centric capital framework, including incremental share buybacks. Additionally, it will provide opportunities for further investment in key areas of our business.”

Q2 Fiscal Year 2024 Outlook:

As stated, for modeling purposes, the second quarter guidance provided by the Company on December 14, 2023, assumed a January 31, 2024, close date for the mobility divestiture. With the transaction closing earlier, Jabil now anticipates the midpoint of the prior guidance range for net revenue and core earnings per share for the second quarter to be lower by approximately $400 million and $0.30, respectively, which aligns with the expectations the company outlined on its first quarter earnings call.

Prior Q2 FY24 Outlook

Updated Q2 FY24 Outlook

Net revenue

$7.0 billion – $7.6 billion

$6.6 billion – $7.2 billion

U.S. GAAP operating income (1)

$216 million – $301 million

$168 million – $253 million

U.S. GAAP diluted earnings per share (1)

$0.77 – $1.37 per diluted share

$0.47 – $1.07 per diluted share

Core operating income (non-GAAP) (2)

$339 million – $399 million

$291 million – $351 million

Core diluted earnings per share (non-GAAP) (2)

$1.73 – $2.13 per diluted share

$1.43 – $1.83 per diluted share


Excludes the anticipated gain on the divestiture of the Mobility business.


Core operating income and core diluted earnings per share exclude anticipated adjustments of $6 million for amortization of intangibles (or $0.05 per diluted share), $17 million for stock-based compensation expense and related charges (or $0.13 per diluted share) and $100 million to $75 million (or $0.78 to $0.58 per diluted share) for restructuring, severance, and related charges.

Fiscal Year 2024 Outlook:

“I am delighted to close the transaction and receive the net proceeds ahead of schedule,” said CFO Mike Dastoor. “The earlier close and receipt of funds will enable us to begin initiating plans to reduce stranded costs and executing a series of accelerated buybacks throughout FY24. As a result, we expect to fully utilize our current $2.5 billion dollar repurchase authorization this fiscal year. These actions give me confidence that we will be able to offset lower income in Q2 and deliver core earnings for FY24 in excess of $9 per diluted share.”

Prior FY24 Outlook

Updated FY24 Outlook

Net revenue

$31 billion

$30.6 billion

Core operating margin

5.3% – 5.5%

5.3% – 5.5%

Core diluted earnings per share (non-GAAP)

$9.00+ per diluted share

$9.00+ per diluted share

Adjusted free cash flow (non-GAAP)

$1+ billion

$1+ billion

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