Jabil Inc. (JBL) Q2 2023 Earnings Call Transcript

For the period ending February 28, 2023

March 16, 2023 8:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Hello. And welcome to the Jabil’s Second Quarter of Fiscal Year 2023 Earnings Conference Call and Webcast. [Operator Instructions] A question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded.

It’s now my pleasure to turn the call over to Adam Berry, Vice President, Investor Relations. Please go ahead, Adam.

Adam Berry

Good morning. And welcome to Jabil’s second quarter of fiscal 2023 earnings call. Joining me on today’s call is Chairman and CEO, Mark Mondello; incoming CEO, Kenny Wilson; and CFO, Mike Dastoor. In terms of agenda, Mike, Kenny and I will be offering today’s prepared remarks, while Mark will join for the question-and-answer session.

Please note that today’s call is being webcast live, and during our prepared remarks, we will be referencing slides. To follow along with the slides, please visit jabil.com within the Investor Relations section of our website. At the conclusion of today’s call, a recording of the entirety will be posted for audio playback on our website.

I’d now like to ask that you follow our earnings presentation with slides on the website, beginning with the forward-looking statement. During this conference call, we will be making forward-looking statements, including among other things, those regarding the anticipated outlook for our business, such as our currently expected third quarter and fiscal year net revenue and earnings.

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 risks and uncertainties are identified on our annual report on Form 10-K for the fiscal year ended August 31, 2022 and other 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.

With that, I’d now like to shift our focus to our second quarter results, where the team delivered approximately $8.1 billion in revenue in line with our forecast. As you dig a little deeper, it’s worth noting we saw strength in areas such as industrial, driven by continued robust demand for renewable energy generation and storage, automotive driven by the transition to electric vehicles, and healthcare as large OEMs in that space continue to partner with Jabil to deliver best-in-class personal care. Conversely, a portion of the year-over-year strength was offset by weakness in Semi-Cap and other consumer-oriented portions of our business.