Jabil Inc. (NYSE:JBL) Q4 2024 Earnings Conference Call September 26, 2024 8:30 AM ET
Company Participants
Adam Berry - Senior Vice President, Investor Relations & Communications
Greg Hebard - Chief Financial Officer
Steve Borges - Head, Regulated Industries
Matt Crowley - Head, Intelligent Infrastructure
Andy Priestley - Head, Connected Living & Digital Commerce
Mike Dastoor - Chief Executive Officer
Conference Call Participants
Ruplu Bhattacharya - Bank of America
George Wang - Barclays
Steven Fox - Fox Advisors
Melissa Fairbanks - Raymond James
David Vogt - UBS
Mark Delaney - Goldman Sachs
Matt Sheerin - Stifel
Samik Chatterjee - JPMorgan Chase & Company
Adam Berry
Good morning, and welcome to Jabil's Fourth Quarter and Fiscal Year 2024 Earnings Call. It's also our 7th Annual Virtual Investor Briefing.
I'm Adam Berry, Senior Vice President of Investor Relations and Communications.
As a team here at Jabil, we're excited to share with you a couple of updates as it relates to our business. This includes some organizational updates as well as an outlook for fiscal 2025.
We'll begin today's call with a quick introduction, setting the stage for what promises to be an informative session. Then, we'll move on to our 2024 results, led by Greg Hebard, our Chief Financial Officer.
In thinking about 2024, it was a challenging year, no doubt, but it was also a very important year as we took some strategic strides as an organization while continuing to look after our customers, employees and shareholders.
For starters, we divested our Mobility business for $2.2 billion, and returned the majority of those net proceeds to shareholders through a robust buyback program. Through this divestiture, we not only improved our diversification in terms of geographic footprint, but we also reduced our exposure to a business that required higher levels of capital.
At the same time, the organization persevered in the face of some pretty stiff headwinds. This is evidenced by strong margins, roughly in-line core earnings per share, and strong free cash flows. And we did all this despite $6 billion less in revenue year over year. This suggests to me that Jabil is far more resilient today than when compared to previous downturns.
And finally, we reorganized our internal structure to focus on speed, precision and solutions. This approach targets our ability to serve each distinct end market effectively by creating domain expertise in core areas and better positions Jabil for growth.