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Jabil Inc. (JBL+1.46%) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in net revenue to $6,994 million from $8,387 million in the same quarter the previous year. This decrease is attributed primarily to the divestiture of the Mobility Business and changes in customer demand across segments.
Gross profit for the quarter was $606 million, representing 8.7% of net revenue, compared to 9.2% in the previous year. The decline in gross profit percentage is due to product mix changes.
Operating income for the quarter was $197 million, down from $303 million in the previous year. The decrease is attributed to restructuring charges and changes in segment performance.
Net income attributable to Jabil Inc. was $100 million, compared to $194 million in the previous year. Earnings per share were $0.88, down from $1.47.
The company reported cash provided by operating activities of $312 million, with cash used in investing and financing activities of $136 million and $312 million, respectively.
Jabil completed the acquisition of Mikros Technologies LLC for $63 million, enhancing its capabilities in liquid cooling solutions.
The company continues its share repurchase program, with 3.1 million shares repurchased during the quarter, leaving $768 million available under the 2025 Share Repurchase Program.
Jabil's restructuring plans, including the 2025 Restructuring Plan, are expected to incur $150 million to $200 million in pre-tax costs over the fiscal year.
The filing also discusses the company's compliance with debt covenants and its liquidity position, indicating sufficient resources to meet future obligations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Jabil Inc. quarterly 10-Q report dated January 10, 2025. To report an error, please email earnings@qz.com.