Jabil Posts Income Losses For the Year
Jabil Circuit Inc., the Florida-based company that acquired Nypro Inc. of Clinton this year, reported quarterly and annual revenue gains for its 2013 fiscal year that ended Aug. 31, though net and operating income declined, due in part to a restructuring, the company said.
Revenue in the fourth quarter totaled $4.8 million, up from $4.3 million a year ago. And Jabil, a Fortune 200 company that designs and manufactures electronics, raked in $18.3 billion for the year, compared to $17.1 billion in 2012.
That included 7-percent revenue growth in Jabil's diversified manufacturing services segment, according to the company. Revenue from its enterprise and infrastructure segment remained the same, while revenue from its high velocity business declined 25 percent.
But operating income for the year fell to $511.4 million from $621.9 million in 2012. Net income was $371.5 million, down from $394.7 million in 2012.
Jabil earlier this year announced a global restructuring that could result in charges of $188 million. In the latest earnings statement, the company said the restructuring continued through the fourth quarter and a balance of $99 million in charges will be carried forward to fiscal 2014 and 2015.
The Nypro acquisition was not mentioned specifically in Jabil’s report, which was filed with the U.S. Securities and Exchange Commission. But when the deal was finalized, Jabil said it spent $665 million to buy Nypro. The acquisition was approved by Nypro stockholders in April.
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