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ERROR: type should be string, got "https://www.barrons.com/articles/PR-CO-20180925-908110\nBW Wire\nJabil Delivers Another Strong Fiscal Year\nSept. 25, 2018 8:00 am ET\nExpects Positive Momentum to Continue\nST. PETERSBURG, Fla.--(BUSINESS WIRE)--September 25, 2018--\nToday, Jabil Inc. (NYSE: JBL), reported preliminary, unaudited financial results for its fourth quarter and fiscal year ended August 31, 2018.\n\"I'm really pleased with our fiscal 2018 results and the positive momentum we're seeing across the business,\" said CEO Mark Mondello. \"Our team's performance during the year culminated in double-digit revenue growth, 24 percent core EPS expansion and core ROIC of 19 percent, an increase of approximately 400 basis points year-on-year. At the same time, we made strategically important investments in areas like additive manufacturing and factory automation, while the underlying business allowed for nearly $1 billion in cash flow generation and $500 million in shareholder returns. By many measures, 2018 was another great year as we position the company to continue to deliver on our stated goals,\" he added.\nFiscal Year 2018 Highlights:\n-- Net revenue: $22.1 billion\n-- Diversified Manufacturing Services (DMS) year-on-year revenue growth: 23\n-- Electronics Manufacturing Services (EMS) year-on-year revenue growth: 11\n-- U.S. GAAP operating income: $542.2 million\n-- U.S. GAAP diluted earnings per share: $0.49\n-- Core operating income (Non-GAAP): $768.1 million\n-- Core diluted earnings per share (Non-GAAP): $2.62\n\"As we begin fiscal 2019, we're steadfast in our commitment to deliver value for shareholders. We'll continue to pursue strategic capabilities and technologies in select end-markets that should result in even more sustainable earnings and cash flows over the next three to four years.\" added Mondello.\nFirst Quarter of Fiscal Year 2019 Guidance:\n-- Net revenue $5.8 billion to $6.4 billion\n-- U.S. GAAP operating income $158 million to $223 million\n-- U.S. GAAP diluted earnings per $0.45 to $0.74 per diluted share\n-- Core operating income (Non-GAAP) $215 million to $265 million\n-- Core diluted earnings per share $0.79 to $0.99 per diluted share\n(Non-GAAP) (1)\n-- Diversified Manufacturing Increase revenue 5 percent\nServices year-on-year\n-- Electronics Manufacturing Increase revenue 13 percent\n-- Total company Increase revenue 9 percent\n(1) Core operating income and core diluted earnings per share exclude anticipated adjustments of $8 million for amortization of intangibles (or $0.05 per diluted share), $24 million for stock-based compensation expense and related charges (or $0.14 per diluted share), $7 million to $2 million for restructuring and related charges (or $0.04 to $0.01 per diluted share) and $18 million to $8 million for acquisition and integration charges (or $0.11 to $0.05 per diluted share).\n(Definitions: \"U.S. GAAP\" means U.S. generally accepted accounting principles. Jabil defines core operating income as U.S. GAAP operating income before amortization of intangibles, stock-based compensation expense and related charges, restructuring and related charges, distressed customer charges, acquisition and integration charges, loss on disposal of subsidiaries, settlement of receivables and related charges, impairment of notes receivable and related charges, goodwill impairment charges and business interruption and impairment charges, net. Jabil defines core earnings as U.S. GAAP net income before amortization of intangibles, stock-based compensation expense and related charges, restructuring and related charges, distressed customer charges, acquisition and integration charges, loss on disposal of subsidiaries, settlement of receivables and related charges, impairment of notes receivable and related charges, goodwill impairment charges, business interruption and impairment charges, net, impairment on securities, income (loss) from discontinued operations, gain (loss) on sale of discontinued operations and certain other expenses, net of tax and certain deferred tax valuation allowance charges. Jabil defines core diluted earnings per share as core earnings divided by the weighted average number of outstanding diluted shares as determined under U.S. GAAP. Jabil reports core operating income, core earnings and core diluted and basic earnings per share to provide investors an additional method for assessing operating income, earnings and diluted earnings per share from what it believes are its core manufacturing operations. See the accompanying reconciliation of Jabil's core operating income to its U.S. GAAP operating income, its calculation of core earnings and core diluted earnings per share to its U.S. GAAP net income and U.S. GAAP earnings per share and additional information in the supplemental information.)\nForward Looking Statements: This release contains forward-looking statements, including those regarding our anticipated financial results for our fourth quarter and full fiscal year 2018 and our guidance for future financial performance in our first quarter of fiscal year 2019 (including, net revenue, total company and segment revenue, U.S. GAAP operating income, U.S. GAAP diluted earnings per share, core operating income (Non-GAAP), core diluted earnings per share (Non-GAAP) results and the components thereof, net interest expense, and core tax rate(Non-GAAP). The statements in this release are based on current expectations, forecasts and assumptions involving risks and uncertainties that could cause actual outcomes and results to differ materially from our current expectations. Such factors include, but are not limited to: our determination as we finalize our financial results for our fourth quarter and full fiscal year 2018 that our financial results and conditions differ from our current preliminary unaudited numbers set forth herein; unexpected, adverse seasonal impacts on demand; performance in the markets in which we operate; changes in macroeconomic conditions; the occurrence of, success and expected financial results from, product ramps; our ability to maintain and improve costs, quality and delivery for our customers; whether our restructuring activities and the realignment of our capacity will adversely affect our cost structure, ability to service customers and labor relations; reliance on a limited number of suppliers for critical components; changes in technology; competition; anticipated growth for us and our industry that may not occur; managing rapid growth; managing rapid declines in customer demand and other related customer challenges that may occur; our ability to successfully consummate acquisitions and divestitures; managing the integration of businesses we acquire; risks associated with international sales and operations; retaining key personnel; our dependence on a limited number of large customers; and adverse changes in political conditions, in the U.S. and internationally, including, among others, adverse changes in tax laws and rates and our ability to estimate and manage their impact. Additional factors that could cause such differences can be found in our Annual Report on Form 10-K for the fiscal year ended August 31, 2017 and our other filings with the Securities and Exchange Commission. We assume no obligation to update these forward-looking statements.\nSupplemental Information Regarding Non-GAAP Financial Measures: Jabil provides supplemental, non-GAAP financial measures in this release to facilitate evaluation of Jabil's core operating performance. These non-GAAP measures exclude certain amounts that are included in the most directly comparable U.S. GAAP measures, do not have standard meanings and may vary from the non-GAAP financial measures used by other companies. Management believes these \"core\" financial measures are useful measures that facilitate evaluation of the past and future performance of Jabil's ongoing operations on a comparable basis.\nJabil reports core operating income, core earnings, core ROIC and core diluted and basic earnings per share to provide investors an additional method for assessing operating income, earnings and earnings per share from what it believes are its core manufacturing operations. Among other uses, management uses non-GAAP financial measures to make operating decisions, assess business performance and as a factor in determining certain employee performance when determining incentive compensation. The Company determines the tax effect of the items excluded from core earnings and core basic and diluted earnings per share based upon evaluation of the statutory tax treatment and the applicable tax rate of the jurisdiction in which the pre-tax items were incurred, and for which realization of the resulting tax benefit, if any, is expected. In certain jurisdictions where the Company does not expect to realize a tax benefit (due to existing tax incentives or a history of operating losses or other factors resulting in a valuation allowance related to deferred tax assets), a reduced or 0% tax rate is applied. Detailed definitions of certain of the core financial measures are included above under \"Definitions\" and a reconciliation of the disclosed core financial measures to the most directly comparable U.S. GAAP financial measures is included under the heading \"Supplemental Data\" at the end of this release.\nMeeting and Replay Information: Jabil will hold a conference call today at 8:30 a.m. ET to discuss its earnings for the fourth quarter and full fiscal year 2018 and to provide an investor briefing. To access the live audio webcast and view the accompanying slide presentations, visit the Investor Relations section of Jabil's website, located at https://investors.jabil.com. An archived replay of the webcast will also be available after completion of the call.\nAbout Jabil: Jabil (NYSE: JBL) is a product solutions company providing comprehensive design, manufacturing, supply chain and product management services. Operating from over 100 facilities in 29 countries, Jabil delivers innovative, integrated and tailored solutions to customers across a broad range of industries. For more information, visit jabil.com.\nJABIL INC. AND SUBSIDIARIES\n(unaudited) August 31, 2017\n----------------- -------------------\nCash and cash\nequivalents $ 1,257,949 $ 1,189,919\nAccounts receivable,\nnet 1,693,268 1,397,424\nInventories, net 3,457,706 2,942,083\nPrepaid expenses and\nother current assets 1,141,000 1,097,257\n------------ ------------\nTotal current\nassets 7,549,923 6,626,683\nProperty, plant and\nequipment, net 3,198,016 3,228,678\nGoodwill and intangible\nassets, net 906,876 892,780\nDeferred income taxes 218,252 205,722\nOther assets 172,574 142,132\nTotal assets $ 12,045,641 $ 11,095,995\n============ ============\nCurrent installments\nof notes payable and\nlong-term debt $ 25,197 $ 444,255\nAccounts payable 4,942,932 4,257,623\nAccrued expenses 2,262,744 2,168,715\nliabilities 7,230,873 6,870,593\nNotes payable and long-term\ndebt, less current\ninstallments 2,493,502 1,606,017\nOther liabilities 94,617 100,812\nIncome tax liabilities 148,884 100,902\nDeferred income taxes 114,385 49,327\nTotal liabilities 10,082,261 8,727,651\nCommitments and\nJabil Inc. stockholders'\nPreferred stock -- --\nCommon stock 257 253\nAdditional paid-in\ncapital 2,218,673 2,104,203\nRetained earnings 1,760,097 1,730,893\nAccumulated other\ncomprehensive (loss)\nincome (19,399) 54,620\nTreasury stock, at\ncost (2,009,371) (1,536,455)\nTotal Jabil Inc.\nstockholders'\nequity 1,950,257 2,353,514\nNoncontrolling\ninterests 13,123 14,830\nTotal equity 1,963,380 2,368,344\nand equity $ 12,045,641 $ 11,095,995\n(in thousands, except for per share data)\nThree Months Ended Fiscal Year Ended\n----------------------- ---------------------------\nAugust 31, August 31, August 31, August 31,\n2018 2017 2018 2017\n----------- ---------- ----------- --------------\nNet revenue $5,771,831 $5,023,029 $22,095,416 $19,063,121\nCost of revenue 5,329,684 4,597,211 20,388,624 17,517,478\n--------- --------- ---------- ----------\nGross profit 442,147 425,818 1,706,792 1,545,643\nSelling, general\nadministrative 261,234 241,823 1,050,716 907,702\ndevelopment 10,996 7,698 38,531 29,680\nAmortization of\nintangibles 8,581 9,262 38,490 35,524\nRestructuring and\nrelated charges 7,440 46,866 36,902 160,395\nLoss on disposal\nof subsidiaries -- 2,112 -- 2,112\nOperating income 153,896 118,057 542,153 410,230\nInterest and other,\nnet 45,349 36,445 168,752 153,997\nIncome before income\ntax 108,547 81,612 373,401 256,233\nIncome tax expense 165,155 35,571 285,860 129,066\nNet (loss) income (56,608) 46,041 87,541 127,167\nattributable to\ninterests, net of\ntax 706 362 1,211 (1,923)\nNet (loss) income\nJabil Inc. $ (57,314) $ 45,679 $ 86,330 $ 129,090\n========= ========= ========== ==========\n(Loss) earnings per\nshare attributable\nto the stockholders\nof Jabil Inc.:\nBasic $ (0.34) $ 0.26 $ 0.50 $ 0.71\nDiluted $ (0.34) $ 0.25 $ 0.49 $ 0.69\nWeighted average\noutstanding:\nBasic 166,968 178,697 172,237 181,902\nDiluted 166,968 182,977 175,044 185,838\nFiscal Year Ended\nAugust 31, 2018 August 31, 2017\nCash flows from operating\nNet income $ 87,541 $ 127,167\nAdjustments to reconcile\nnet income to net cash\nprovided by operating\nDepreciation and\namortization 773,704 760,405\nrelated charges 16,264 94,346\nstock-based\ncompensation expense\nand related charges 90,664 48,544\nDeferred income taxes 52,705 (63,001)\nProvision for\nallowance for\ndoubtful accounts 38,030 10,112\nOther, net (13,600) 22,109\nChange in operating\nassets and liabilities,\nexclusive of net assets\nAccounts receivable (316,262) (31,353)\nInventories (499,105) (445,089)\nother current assets (76,602) 19,346\nOther assets (34,747) (30,413)\nAccounts payable,\naccrued expenses and\nother liabilities 815,258 744,470\nNet cash provided by\noperating activities 933,850 1,256,643\nCash flows used in investing\nAcquisition of property,\nplant and equipment (1,036,651) (716,485)\nProceeds and advances\nfrom sale of property,\nplant and equipment 350,291 175,000\nCash paid for business\nand intangible asset\nacquisitions, net of\ncash (109,664) (36,620)\nOther, net (2,360) (1,360)\nNet cash used in\ninvesting activities (798,384) (579,465)\nCash flows used in financing\nBorrowings under debt\nagreements 9,677,424 7,434,107\nPayments toward debt\nagreements (9,206,016) (7,479,150)\nPayments to acquire\ntreasury stock (450,319) (306,640)\nDividends paid to\nstockholders (57,833) (59,959)\nNet proceeds from\nexercise of stock\noptions and issuance of\ncommon stock under\nemployee stock purchase\nplan 24,865 21,791\nTreasury stock minimum\ntax withholding related\nto vesting of restricted\nstock (22,597) (12,268)\nOther, net (12,568) (2,427)\nfinancing activities (47,044) (404,546)\nEffect of exchange rate\nchanges on cash and cash\nequivalents (20,392) 5,228\nNet increase in cash and\ncash equivalents 68,030 277,860\nCash and cash equivalents at\nbeginning of period 1,189,919 912,059\nend of period $ 1,257,949 $ 1,189,919\nRECONCILIATION OF U.S. GAAP FINANCIAL RESULTS TO NON-GAAP\nThree Months Ended Fiscal Year Ended\n-------------------- ---------------------\nAugust August 31, August 31,\n31, 2018 31, 2017 2018 2017\n--------- --------- -------- -----------\n(U.S. GAAP) $153,896 $118,057 $542,153 $410,230\n------- ------- ------- -------\nintangibles 8,581 9,262 38,490 35,524\nexpense and\ncharges 15,689 15,167 98,511 48,544\nand related\ncharges 7,440 46,866 36,902 160,395\ncharge 18,004 -- 32,710 10,198\ninterruption\nand impairment\ncharges, net 577 -- 11,299 --\nsubsidiaries -- 2,112 -- 2,112\nAcquisition and\ncharges 8,082 -- 8,082 --\nAdjustments to\nincome 58,373 73,407 225,994 256,773\nCore operating\n(Non-GAAP) $212,269 $191,464 $768,147 $667,003\n======= ======= ======= =======\nNet (loss)\nJabil Inc.\n(U.S. GAAP) $(57,314) $ 45,679 $ 86,330 $129,090\nImpairment on\nsecurities -- -- -- 11,539\nAdjustments for\ntaxes(1) 117,167 (1,933) 146,206 (4,726)\nCore earnings\n(Loss) earnings\nper share (U.S.\nGAAP):\nBasic $ (0.34) $ 0.26 $ 0.50 $ 0.71\nDiluted $ (0.34) $ 0.25 $ 0.49 $ 0.69\n(Non-GAAP):\nBasic $ 0.71 $ 0.66 $ 2.66 $ 2.16\nDiluted $ 0.70 $ 0.64 $ 2.62 $ 2.11\nused in the\ncalculations of\nearnings per\nshare (U.S.\nBasic 166,968 178,697 172,237 181,902\nDiluted 166,968 182,977 175,044 185,838\naverage shares\nof earnings\n========= ========= ======== ===========\n(1) Includes a $111.4 million and $142.3 million provisional estimate to\naccount for the effects of the Tax Cuts and Jobs Act for the three\nmonths and fiscal year ended August 31, 2018, respectively.\nRETURN ON INVESTED CAPITAL AND CORE RETURN ON INVESTED CAPITAL\nThree Months Ended Fiscal Year Ended\n------------------------------ --------------------------------\nAugust 31, August 31,\n2018 2017 August 31, 2018 August 31, 2017\n-------------- -------------- --------------- ---------------\nNumerator:\n(U.S. GAAP) $ 153,896 $ 118,057 $ 542,153 $ 410,230\nTax effect (1) (88,126) (35,771) (300,979) (137,087)\n--------- --------- ---------- ----------\nAfter-tax\nincome 65,770 82,286 241,174 273,143\nx4 x4 x1 x1\nincome $ 263,080 $ 329,144 $ 241,174 $ 273,143\n========= ========= ========== ==========\n(Non-GAAP) $ 212,269 $ 191,464 $ 768,147 $ 667,003\nAfter-tax core\nincome 162,394 153,854 623,886 532,073\nDenominator:\nAverage total\nequity (3) $2,061,699 $2,340,495 $ 2,151,886 $ 2,395,843\nAverage notes\npayable and\nlong-term debt,\nless current\n(3) 2,321,562 1,638,591 2,063,047 1,853,302\nAverage current\ninstallments of\nand long-term\ndebt (3) 148,698 492,241 235,348 245,654\nAverage cash and\n(3) (967,720) (966,925) (1,223,934) (1,050,989)\nNet invested\ncapital base $3,564,239 $3,504,402 $ 3,226,347 $ 3,443,810\nInvested\nCapital (U.S.\nGAAP) 7.4% 9.4% 7.5% 7.9%\nnoted above 10.8% 8.2% 11.8% 7.6%\nCore Return on\n(Non-GAAP) 18.2% 17.6% 19.3% 15.5%\n(1) This amount is calculated by adding the amount of income taxes\nattributable to its operating income (U.S. GAAP) and its interest\nexpense.\nattributable to its core operating income (Non-GAAP) and its interest\n(3) The average is based on the addition of the account balance at the end\nof the most recently-ended quarter to the account balance at the end of\nthe prior quarter for the three months ended August 31, 2018 and 2017,\nrespectively, and dividing by two. The average is based on the addition\nof the account balance at the end of the most recently-ended fiscal\nyear to the account balance at the end of the prior fiscal year for the\nfiscal years ended August 31, 2018 and 2017, respectively, and dividing\nby two.\nCONTACT: Jabil Inc.\nAdam Berry, 727-803-5772\nVice President, Investor Relations\nadam_berry@jabil.com\nSOURCE: Jabil Circuit, Inc."