Jabil Circuit Inc JBL
Q3 2013 Earnings Call Transcript

Transcript Call Date 06/19/2013

Operator: Ladies and gentlemen, thank you for standing by and welcome to the Jabil's Third Quarter Fiscal Year 2013 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. Thank you.

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

Beth A. Walters - SVP, Communications and IR: Thank you, Susanne. Welcome to our third quarter of 2013 earnings call. Joining me today are CEO, Mark Mondello; and Chief Financial Officer, Forbes Alexander. This call is being recorded and will be posted for audio playback on the Jabil website at in the Investors section. Our third quarter press release slides and webcast link are also available on the website. In these materials, 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 this conference call we will be making forward-looking statements, including those regarding anticipated outlook for business. Our currently expected fourth quarter of fiscal 2013 net revenue and earnings results. Our long term outlook for our company, improvements in our operational efficiencies and financial performance and our pending completion of the Nypro acquisition.

These statements are based on current expectations, forecasts, and assumptions, involving risks and uncertainties that could cause actual outcomes and results to differ materially. An extensive list of these risk and uncertainties are identified in our Annual Report on Form 10-K for the fiscal year ended August 31, 2012. Subsequent reports on Form 10-Q, Form 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, future events or otherwise.

Today's call will begin with our third fiscal quarter results and highlights and comments from Forbes Alexander as well as guidance on our fourth fiscal quarter of 2013. Mark Mondello will follow with our macro environment comments and some Jabil-specific comments about our performance. We will then open it up for questions and calls from call attendees.

I'll now turn the call over to Forbes.

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

Net revenue for the third quarter was approximately $4.5 billion, an increase of 5% on a year-over-year basis. GAAP operating income was $103.7 million, or 2.3% of revenue. This compares to $156.6 million of GAAP operating income and revenues of $4.3 billion, or 3.7% for the same period in the prior year. GAAP diluted earnings per share for the quarter was $0.24.

Please note, that our GAAP operating results were negatively impacted during the quarter by $28 million of restructuring activities aimed at improving our structural costs and a $25 million non-cash impairment charge associated with a note receivable and a commercial interest made in 2007.

Read our Earnings Call Transcript disclaimer.
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