Jabil reports Q4 loss; expects better Q1 on strength of iPhone sales
Despite beating analyst expectations on the strength of iPhone sales for which it makes casings, manufacturing services firm Jabil Circuit Inc., the parent company of Clinton-based Nypro Inc., reported rough times for both its fourth quarter and fiscal year on Wednesday.
Impacted by restructuring costs, the company reported a loss of fourth quarter of 26.2 million or 13 cents a share, from $127 million, or 61 cents a share, a year ago. Additionally, revenue dipped for the quarter to $4.1 billion versus $4.8 a year ago.
For its fiscal year ended August 31, the company reported net income of $241 million, down from $371 million in fiscal 2013 on sales of $15.8 billion versus $17.2 billion the prior year.
Jabil said it expected revenue to rise 6 percent for the first quarter in its diversified manufacturing services business, which makes casings for iPhones.
“Fiscal 2014 was a challenging year, in which we made several tough, but thoughtful, decisions and investments. We believe these investments will support future growth opportunities for Jabil," said CEO Mark Mondello in a statement. "We remain confident in our ability to deliver core earnings per share in the range of $1.65 to $1.95 in fiscal 2015," Mondello added
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