Jabil's FQ3 guidance mixed, but FY15 outlooks beats consensus

Jabil (JBL) expects FQ3 revenue of $3.5B-$3.7B and core EPS of -$0.20 to breakeven. The former is mostly above a $3.67B consensus, but the latter is below an $0.18 consensus.

However, Jabil is also forecasting FY15 (ends Aug. '15) EPS of $1.65-$1.95, above a $1.63 consensus

Diversified manufacturing revenue fell to $1.6B from $2.1B a year ago; enterprise & infrastructure fell to $1.2B from $1.4B, and high-velocity systems (hurt by the loss of BlackBerry orders) to $800M from $1B.

Diversified manufacturing sales are expected to be flat Y/Y in FQ3. Enterprise & infrastructure is expected to drop 5%, and high-velocity systems are seen dropping 40%.

Declining sales led gross margin to fall 90 bps Y/Y in FQ3 to 6%. SG&A spend rose 13% to $164.5M.

JBL +0.5% AH. FQ3 results, PR

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