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Jabil Posts Fourth Quarter and Fiscal Year 2022 Results

(OPENS IN NEW WINDOW)

Announces New $1 Billion Share Repurchase Authorization

Jabil Inc. reported preliminary, unaudited financial results for its fourth quarter and fiscal year ended August 31, 2022.

“The team delivered yet another solid year in FY22,” said Chairman and CEO Mark Mondello. “I’d like to thank our reliable workforce and acknowledge the positive impact of our large-scale, well-diversified commercial portfolio,” he added.

Fourth Quarter of Fiscal Year 2022 Highlights:

  • Net revenue: $9.0 billion
  • Diversified Manufacturing Services (DMS) year-on-year revenue growth: 13 percent
  • Electronics Manufacturing Services (EMS) year-on-year revenue growth: 32 percent
  • U.S. GAAP operating income: $409 million
  • U.S. GAAP diluted earnings per share: $2.25
  • Core operating income (Non-GAAP): $447 million
  • Core diluted earnings per share (Non-GAAP): $2.34

Fiscal Year 2022 Highlights:

  • Net revenue: $33.5 billion
  • Diversified Manufacturing Services (DMS) year-on-year revenue growth: 9 percent
  • Electronics Manufacturing Services (EMS) year-on-year revenue growth: 20 percent
  • U.S. GAAP operating income: $1.4 billion
  • U.S. GAAP diluted earnings per share: $6.90
  • Core operating income (Non-GAAP): $1.5 billion
  • Core diluted earnings per share (Non-GAAP): $7.65

First Quarter of Fiscal Year 2023 Outlook:

• Net revenue

$9.0 billion to $9.6 billion

• U.S. GAAP operating income

$367 million to $427 million

• U.S. GAAP diluted earnings per share

$1.65 to $2.05 per diluted share

• Core operating income (Non-GAAP) (1)

$415 million to $475 million

• Core diluted earnings per share (Non-GAAP) (1)

$2.00 to $2.40 per diluted share

• Total company revenue

Increase 9 percent year-on-year

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(1) Core operating income and core diluted earnings per share exclude anticipated adjustments of $8 million for amortization of intangibles (or $0.06 per diluted share) and $40 million for stock-based compensation expense and related charges (or $0.29 per diluted share).

Capital Return Update:

Jabil’s Board of Directors has authorized a share repurchase program of up to $1 billion in common stock. The shares will be repurchased from time-to-time through fiscal year 2024 through various methods, including open market repurchases, at the Company’s discretion and subject to market conditions and other factors.

“This is continued evidence of our ongoing commitment to return capital to shareholders,” said CFO Mike Dastoor. “This new authorization reflects our belief in Jabil’s ability to generate strong earnings and free cash flows,” he added.

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