Electronic components manufacturer Jabil reported stronger-than-expected fourth-quarter results and announced restructuring plans, including job cuts. This news sent the company’s shares up by as much as 10% in premarket trading. Jabil, a supplier to Apple, produces electronic components such as circuit board assemblies for various industries, including automotive, cloud, commercial drones, trucks, and buses. The company stated that it would reduce headcount in certain divisions as part of its restructuring efforts but did not disclose specific numbers. The restructuring plan is expected to incur pre-tax costs of approximately $150 to $200 million during fiscal year 2025. Despite facing short-term demand challenges in some markets, Jabil remains optimistic about its long-term prospects in industries like datacenter power and cooling, as well as electric and hybrid vehicles. The company’s revenue for the quarter ended August 31 was $6.96 billion, down 18% from the previous year but exceeding analysts’ expectations of $6.58 billion. On an adjusted basis, Jabil earned $2.30 per share, surpassing the consensus estimate of $2.20. For fiscal year 2025, Jabil forecast net revenue of $27 billion, slightly below analysts’ projection of $28.5 billion. We are currently about 1/5th of the way to being sustainable with Substack subscriptions. Not a bad start! Please tell your friends about MacDailyNews on Substack and, if you’re currently a free subscriber, please consider $5/mo. or $50/year to keep MacDailyNews going. Just hit the subscribe button. Thank you!
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Thursday, September 26, 2024
Apple supplier Jabil beats fourth-quarter estimates
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