Jabil Circuit Inc JBL
Q2 2013 Earnings Call Transcript

Transcript Call Date 03/20/2013

Operator: Ladies and gentlemen, thank you for standing by and welcome to the Jabil's Second Quarter Earnings Call. After the speakers' remarks, there will be a question-and-answer session. Thank you.

I would now like to turn today's call over to Beth Walters, Senior Vice President of Communications and Investor Relations. Please go ahead.

Beth A. Walters - SVP, Communications and IR: Thank you. Welcome to our second quarter of 2013 earnings call. Joining me today on the call are Chief Executive Officer, Mark Mondello; and Chief Financial Officer, Forbes Alexander. The call is being recorded and will be posted for audio playback on the Jabil website at in the Investors section. Our second quarter press release and corresponding webcast with slides are also available on the website. In these slides, you will find the financial information that we cover during this conference call. We ask that you follow our presentation with the slides on the website beginning with Slide 2, our forward-looking statements.

During the call today we will be making forward-looking statements, including those regarding anticipated financial results for our second quarter of fiscal 2013, the anticipated closing date of the Nypro acquisition, the expected remaining acquisition-related expenses in connection with the Nypro acquisitions, and our currently expected third quarter of fiscal 2013 net revenues, including that of our segments, core operating income, GAAP operating income, core and GAAP earnings per share results and the components thereof.

These statements are based on current expectations, forecasts, and assumptions, involving risks and uncertainties that could cause actual outcomes and results to differ materially. Please see other risks, relevant factors and uncertainties identified in our Annual Report on Form 10-K for the fiscal year ended August 31, 2012, subsequent reports on Form 10-Q and 8-K, and our other securities filings. Jabil disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information or future events.

Today's call will begin with our second fiscal quarter results, highlights and comments from Forbes Alexander as well as guidance on our third fiscal quarter of 2013. Mark will follow with macro environment and Jabil-specific comments about our performance, and then we'll open it up to questions from call attendees.

I'll now turn the call over to Forbes.

Forbes I. J. Alexander - CFO: Thank you, Beth. Hello everyone. I'd ask you to please refer to Slide 3.

Net revenue for the second quarter was $4.4 billion, an increase of 4% on a year-over-year basis. GAAP operating income was $149 million or 3.4% of revenue. This compares to $150 million of GAAP operating income on revenues of $4.2 billion or 3.5% for the same period in the prior year. Diluted earnings per share were $0.43.

Core operating income, excluding the amortization of intangibles and stock-based compensation, decreased 3% to $170 million, representing 3.9% of revenue. This compares to $176 million or 4.2% for the same period in the prior year. Core diluted earnings per share were $0.53.

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