Seeking Alpha

Jabil Circuit Inc. (JBL)

  • Mar. 18, 2014, 5:35 PM
  • Jan. 22, 2014, 5:10 PM
    • Jabil Circuit Inc. (JBL) declares $0.08/share quarterly dividend, in line with previous.
    • Forward yield 1.73%
    • Payable March 3; for shareholders of record Feb. 14; ex-div Feb. 12.
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  • Jan. 14, 2014, 9:47 AM
    • Intel (INTC +2.2%) has been upgraded to Overweight by JPMorgan ahead of Thursday's Q4 report.
    • Facebook (FB +1.1%) and Yelp (YELP +1.7%) have been started at Outperform by FBN as part of an Internet sector coverage launch. Facebook reports on Jan. 29.
    • Nokia (NOK -1.1%) has been cut to Underperform by Raymond James. Q4 results arrive on Jan. 23.
    • Juniper (JNPR -0.6%) has been upgraded to Outperform by Oppenheimer a day after Elliott Management disclosed a 6.2% stake and called for big changes.
    • SAP (SAP -0.7%) has been cut to Underweight by Santander four days after releasing preliminary Q4 results. Pac Crest downgraded shares yesterday, albeit to little effect.
    • Brocade (BRCD +2.5%) and VeriFone (PAY +4%) have been upgraded to Overweight by JPMorgan.
    • Jabil (JBL +5.1%) has been upgraded to Conviction Buy by Goldman. Shares cratered last month after the company provided disappointing guidance.
    • ON Semi (ONNN +2.2%) has been upgraded to Outperform by Credit Suisse.
    • Logitech (LOGI +2.8%) has been upgraded to Buy by Goldman.
    • ChannelAdvisor (ECOM -5.5%) and Demandware (DWRE -2.1%) have been cut to Neutral by Goldman. Though offering different products/services, both companies cater to e-commerce firms.
    • TripAdvisor (TRIP -2%) has been cut to Hold by Wunderlich.
    • Mellanox (MLNX +3.5%) has been started at Outperform by Macquarie.
  • Jan. 3, 2014, 5:41 PM
    • Top gainers, as of 5:15 p.m.: FNF +6.3%. RNA +3.7%. SNTA +3.6%. GV +3.2%. CACQ +2.8%.
    • Top losers, as of 5:15 p.m.: MCHX -10.3%. HZNP -3.2%. SMI -1.8%. TXT -1.8%. JBL -1.1%.
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  • Dec. 18, 2013, 12:45 PM
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  • Dec. 18, 2013, 9:30 AM
    • China Mobile's iPhone statement and contract manufacturer Jabil's (JBL - shares -20.6% premarket) weak February quarter guidance are pressuring Apple (AAPL) shares in premarket trading.
    • Jabil, which received 19% of its FY13 (ended Aug. '13) sales from Apple and has strong iPhone 5C exposure, is guiding for a 25% Y/Y sales drop in its diversified manufacturing services segment (DMS), which provides iPhone casings.
    • On its CC (transcript), Jabil stated it saw unexpected "demand changes" from a DMS customer, but insisted the impact will be temporary, and that it will "reallocate assets and resources to different revenue streams for the same customer over the next 2 to 3 quarters."
    • Citi (Neutral) believes Apple accounts for ~50% of DMS' revenue, and thinks Jabil's guidance is indicative of a major drop in iPhone production. The firm believes its forecast for 38M March quarter iPhone sales is at risk.
    • Jefferies (Buy) is less concerned, arguing the guidance is "due mainly to a mix shift from the 5C to the 5S." There have already been many reports of production being shifted to the higher-ASP 5S from the 5C.
    • Yesterday, iPhone/iPad chip supplier Dialog Semi pre-announced strong Q4 sales.
  • Dec. 18, 2013, 9:10 AM
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  • Dec. 17, 2013, 4:28 PM
    • In tandem with its FQ1 report, Jabil (JBL) announces it's selling its aftermarket services unit (does warranty repair for consumer electronics) for $725M ($675M in cash, $50M in preferred stock yielding 8% for 9 years) to outsourcing firm iQor Holdings.
    • Jabil declares the business, which produced $1.1B in FY13 sales, isn't "aligned with [its] strategy to focus on diversified manufacturing solutions," and says the sale should provide it with "the financial flexibility to potentially add more engineering intensive capabilities," which in turn will allow it to expand its manufacturing ops.
    • The company adds it plans to pursue more acquisitions similar to Nypro, a precision plastic products maker it bought in February for $665M.
    • Jabil's FQ2 guidance might help explain its interest in shaking things up. The company expects revenue of $3.5B-$3.7B and EPS of $0.05-$0.15. Those numbers, which exclude the aftermarket services business (now a discounted unit), are well below a consensus of $4.28B and $0.52.
    • Both Jabil's diversified manufacturing and high velocity businesses are expected to see 25% Y/Y FQ2 revenue drops. Enterprise & infrastructure sales are expected to be flat.
    • Jabil is also announcing a new $200M buyback; it's good for acquiring 5.5% of outstanding shares at current levels.
    • JBL -9% AH. CC at 4:30PM ET. FQ1 results, PR.
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  • Dec. 17, 2013, 4:09 PM
    • Jabil Circuit (JBL): FQ1 EPS of $0.51 misses by $0.03.
    • Revenue of $4.6B beats by $0.11B. Shares -5.2% AH. (PR)
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  • Dec. 17, 2013, 12:10 AM
  • Dec. 16, 2013, 5:35 PM
  • Oct. 31, 2013, 9:59 AM
    • Atmel (ATML +9.1%) has been upgraded to Outperform by Wedbush after beating Q3 revenue estimates and adding $300M to its buyback plan.
    • Microchip (MCHP +5.8%) has been upgraded to Buy by Mizuho in the wake of its FQ2 beat.
    • Cavium (CAVM +6.5%) has been upgraded to Outperform by Oppenheimer following its Q3 beat.
    • Arris (ARRS +2.7%) has been upgraded to Overweight by Stephens after beating Q3 estimates and issuing solid guidance.
    • UMC (UMC -1.9%) has been cut to Neutral by BofA a day after posting its Q3 report.
    • MTS (MBT -2%) has been cut to Neutral by Citi, and to Sell by UBS.
    • Jabil (JBL -0.9%) has been cut to Buy from Strong Buy by Needham.
    • Itron (ITRI -5.6%) has been cut to Neutral by Janney, and upgraded to Hold by Brean, following its Q3 miss.
    • Garmin (GRMN -4.2%) has been cut to Sector Perform by Raymond James a day after posting its Q3 results.
    • MagnaChip (MX -1.2%) has been cut to Neutral by UBS two days after delivering mixed Q3 results.
    • Digital Realty (DLR -2.2%) has been cut to Hold by Stifel two days after providing soft guidance. Raymond James downgraded shares yesterday.
    • Carbonite (CARB -9.1%) has been cut to Sector Perform by Pac Crest after providing below-consensus revenue guidance to go with a Q3 beat.
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  • Oct. 17, 2013, 4:26 PM
    • Jabil Circuit Inc. (JBL) declares $0.08/share quarterly dividend, in line with previous.
    • Forward yield 1.45%
    • Payable Dec. 2; for shareholders of record Nov. 15; ex-div Nov. 13.
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  • Sep. 26, 2013, 4:03 PM
    • Jabil (JBL -10%) ended up adding to the AH losses it saw yesterday in response to the below-consensus FQ1 guidance provided with its FQ4 beat. Contract manufacturing peers Sanmina (SANM -2.3%), Flextronics (FLEX -1.3%), Multi-Fineline (MFLX -1.9%), and TTM Technologies (TTMI -1.6%) fell moderately.
    • Contributing to Jabil's losses: the company disclosed on its FQ4 CC it's "faced with a strong possibility of disengaging with BlackBerry (BBRY -0.8%)" on account of the company's struggles.
    • BlackBerry accounted for 12% of Jabil's FY13 revenue. Thanks to an estimated $0.28-$0.34/share hit from an expected BlackBerry wind-down, Jabil has set an FY14 EPS guidance range of $2.36-$2.60, soundly below a $2.85 consensus.
    • Apple accounted for 19% of Jabil's FY13 revenue, and could make up over 20% of FY14 sales thanks to the expected BlackBerry drop.
    • Previous: BlackBerry's FQ2 warning, Jabil falls in response
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  • Sep. 26, 2013, 12:47 PM
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  • Sep. 25, 2013, 5:35 PM
    • After-hours top gainers, as of 5:15 p.m.: KBIO +5.8%. BBBY +4.5%. AEPI +3.9%. UEC +3.3%. NR +2.7%.
    • After-hours top losers: GCAP -8.9%. NSH -4.1%. JBL -3.7%. WPRT -3.6%. PSDV -3.3%.
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Company Description
Jabil Circuit Inc, together with its subsidiaries is a provider of electronic manufacturing services and solutions. It provides electronic design, production &product management services to companies in the aerospace, automotive, & among others.