Jabil Circuit Inc reported its preliminary, unaudited financial results for the third quarter of fiscal year 2009, ended May 31, 2009. The company also provided a fourth fiscal quarter outlook. Net revenue for the third fiscal quarter of fiscal 2009 was $2.6 billion compared to $3.1 billion for the same period of fiscal 2008.
"Although the global economy remains in a recession, we see genuine stabilization across most of our end-markets. A stable end-market environment will provide Jabil an opportunity to improve profitability and further strengthen the balance sheet," said President and CEO Timothy L Main. Through the nine months ended May 31, 2009, the company produced cash flow from operations of $387 million and reduced total debt and securitization balances by $278 million. With more than $750 million in cash and $800 million available under a five-year revolving credit facility, which expires in 2012, Main said Jabil has a solid foundation on which to grow.
Jabil management indicated that with continued end-market stabilization, it expects its net revenue for its fourth fiscal quarter of 2009 to be consistent with its third quarter, in a range from $2.5 billion to $2.7 billion. The company estimated that its core operating income would be in a range from $25.0 million to $50.0 million, driven by continued focus on manufacturing efficiencies and cost reductions.
