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Nolan’s Notes: Do More, Get MoreJabil Updates Fiscal 2024 Outlook
November 29, 2023 | JabilEstimated reading time: 1 minute
Jabil Inc. announced it is updating its outlook for fiscal 2024.
“During the final stretch of our first quarter, we experienced softening in demand, as a result of short-term inventory corrections across certain end-markets where we participate,” said CEO Kenny Wilson.
Jabil now expects revenue to be in the range of $8.3 billion - $8.4 billion for the first fiscal quarter, slightly below the low end of its previously announced range, while the outlook for core earnings per share during the quarter is expected to be near the midpoint of the range provided on September 28, 2023.
Jabil expects this inventory rebalancing to continue into its second fiscal quarter and as a result anticipates revenue for the second quarter to be in the range of $7.0 billion - $7.6 billion.
For fiscal 2024, revenue is now expected to be approximately $31 billion, down 7 percent from the midpoint of previous guidance, while the company’s outlook for core operating margin is expected to be within the previously provided guidance range of 5.3% - 5.5%, which will result in core earnings per share in excess of $9.00 for fiscal 2024.
“Over the past several years we have intentionally structured the company to be more reliable throughout a range of economic cycles. As a result, we expect Jabil’s profitability to be more resilient, despite softer demand. This provides yet another proof point of Jabil’s improved ability to navigate an economic downturn. Importantly, we continue to expect to deliver more than $1 billion in adjusted free cash flow for the year and we remain committed to our previously discussed share repurchase strategy,” continued Wilson.
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