Jabil closes $2.2B sale of mobility business to BYD Electronic, updates FY2024 outlook

JABIL INC

Transaction completed Dec 29, 2023, for $2.2B in cash; net proceeds to fund buybacks and investments.
Q2 FY2024 net revenue guidance reduced by ~$400M midpoint to $6.6B-$7.2B; core EPS midpoint down ~$0.30.
Full FY2024 core diluted EPS still expected >$9.00 per share; core operating margin 5.3%-5.5% reaffirmed.
Company expects to fully utilize $2.5B share repurchase authorization in FY2024.
CEO Kenny Wilson says divestiture is transformational and right step for Jabil.

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