捷普集团 (JBL.US) 2026财年第一季度业绩电话会
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会议摘要
Jabil is expanding in Memphis and North Carolina, acquiring Hanley and Micros for enhanced data center and liquid cooling capabilities. The company is cautiously optimistic about automotive sector growth by 2026-2027, leveraging power-agnostic technologies. Financially, Jabil surpassed expectations with strong revenue, margins, and cash flow, revising full-year guidance upwards despite increased CapEx and working capital needs. Opportunities with third hyperscale customers are being explored, showcasing Jabil's commitment to innovation and market leadership.
会议速览
Jabil's Q1 FY2026 Financial Results Exceed ExpectationsJabil's first quarter fiscal year 2026 results highlight strong performance across revenue, core operating income, margins, and earnings per share, driven by growth in Intelligent Infrastructure and steady contributions from Regulated Industries and Connected Living & Digital Commerce.
Strong Q1 Financials: Net Revenue $8.3B, Core Operating Income $454M, and Segment Performance HighlightsThe company reported Q1 net revenue of $8.3 billion, core operating income of $454 million, and a core operating margin of 5.5%. Segments showed robust performance, with Regulated Industries revenue up 4% year-over-year and Intelligent Infrastructure exceeding expectations due to cloud, data center, and networking strengths. Overall, the company achieved solid financial results, supported by disciplined execution and market demand for advanced technologies.
Strong Q1 Performance, Disciplined Q2 Outlook, and Strategic Financial UpdatesRevenue surpassed expectations, driven by automation and robotics. Inventory and cash flow metrics are on track. Q2 guidance reflects cautious automotive outlook, robust intelligent infrastructure growth, and planned share repurchases, aiming for sustained margin expansion and capital efficiency.
Q1 Financials, AI Growth, and Strategic Segments Outlook for Fiscal Year 26The dialogue highlights a strong Q1 performance, attributing success to team efforts, diversified strategy, and AI-driven growth. It outlines revised fiscal 2026 segment outlooks, emphasizing intelligent infrastructure and networking advancements, and anticipates continued momentum into future fiscal years.
Strong Q1 Performance and Revised FY 2026 Guidance Highlight Broad-Based Growth Across SegmentsDespite cautious outlook adjustments, the company forecasts a $100 million revenue increase for FY 2026, driven by better-than-expected results in regulated industries, robust healthcare growth, and advancements in connected living and digital commerce. Core operating margins are anticipated to improve by 10 basis points to 5.7%, with earnings per share and adjusted free cash flow also on the rise, reflecting strong execution and strategic investments.
Jabil's Intelligent Infrastructure Growth: New Wins, Projects, and GuidanceDiscussed Jabil's revenue increase, attributing success to AI strategy and new wins, including AI storage racks and DCI projects. Highlighted Hanley Energy Group acquisition for energy management solutions and guidance deemed appropriately conservative with solid upside potential.
Jabil's Path to Enhanced Operating Margins and Healthcare Packaging GrowthDiscussion focused on Jabil's potential to surpass 6% operating margin in FY27, driven by improved capacity utilization, better revenue mix, and SG&A leverage. Future margin improvements are seen as continuous. Healthcare packaging growth is anticipated, with Croatia contributing significantly post-FY27, and capability-driven deals expected to enhance vertical integration in healthcare.
Hyperscaler Demand & AI Storage Upside Drive Revenue Growth, Gross Margins DiscussA company highlights increased revenue due to strong demand from a second hyperscaler, particularly in AI storage, revising FY26 revenue scale upward. Gross margins for Q1 were discussed, noting a slight year-over-year increase despite being lower than expected, attributed to mix factors, with a continued FY26 target range of 9% to 9.5%.
Strategies for Accelerating Growth in Healthcare and Cloud BusinessesDiscusses potential investments in healthcare to boost growth, highlights existing capacity and expansion plans in cloud infrastructure to meet increasing demand, and emphasizes diversification benefits from healthcare’s stable margins.
Strategic Acquisitions Enhance Thermal Management and Power Distribution in Data CentersAcquisitions of Micros and Hanley bolster thermal management and power distribution capabilities, integrating liquid cooling and energy management services for enhanced data center solutions.
Capital Equipment Market Trends and Automotive Industry OutlookDiscussion on capital equipment market trends highlights improved demand in automated testing and potential upside in WFP due to AI and NAND upgrades. Automotive sector shows signs of recovery with conservative outlook, emphasizing technology investments and program wins. Data center consignment models are under review for new customer ramps.
Data Center Capacity, Power Supply Concerns, and Hyperscaler ExpansionDiscussed challenges of power supply and heat management in data centers, emphasizing innovative cooling solutions and strong customer pipeline. Highlighted ongoing negotiations with potential third hyperscaler client, focusing on comprehensive data center offerings beyond servers to include liquid cooling and infrastructure components.
Hyperscale Customer Trends and Custom ASICs in XCU and XP Direct EquipmentThe dialogue discusses the strength and trends of a larger hyperscale customer, highlighting product transitions and demand for retrofits. It also explores the role of custom ASICs and XP direct equipment, emphasizing their complementary nature and potential for growth.
Navigating Second-Half Growth and Free Cash Flow Projections Amidst Infrastructure DemandA discussion on managing expectations for second-half fiscal year growth, addressing concerns over capacity and revenue recognition, and reassessing free cash flow projections amid rising capital expenditures and working capital needs.
Concluding Remarks and Adjournment of Jabil's TeleconferenceThe Q&A session ends with an expression of gratitude towards participants for their interest in Jabil. The host thanks everyone, officially concludes the call, and advises participants to disconnect, wishing them a pleasant remainder of the day.
要点回答
Q：What were the financial results for Jabil's first quarter of fiscal year 2026?
A：For Jabil's first quarter of fiscal year 2026, the company exceeded expectations across the board, with strong revenue, core operating income, core margins, and core earnings per share. Net revenue was $8.3 billion at the high end of the guidance range. Core operating income was $454 million with a core operating margin of 5.5%. GAAP operating income was $283 million, and GAAP diluted earnings per share was $1.35, while non-GAAP diluted earnings per share was $2.85.
Q：How did each segment contribute to the financial performance in the first quarter?
A：In the first quarter, regulated industries generated $3.1 billion in revenue, up 4% year over year, with a core operating margin of 5.8%. Intelligent infrastructure revenue was $3.9 billion, ahead of expectations, primarily driven by strength in cloud and data center infrastructure, as well as networking end markets. Connected living and digital commerce revenue was $1.4 billion, with broad-based strength in automation, robotics, and retail warehouse programs. The segment's operating margin was 5.5%.
Q：What is the projected revenue range for Q2 FY 26?
A：For Q2 FY 26, Jabil is projecting revenue to be in the range of $7.5 billion to $8 billion. The anticipated revenue breakdown by segment includes regulated industries at $2.78 billion, intelligent infrastructure at $3.76 billion, and connected living and digital commerce at $1.21 billion.
Q：What is the anticipated impact of the Hanley Energy acquisition on Q2 and full-year financial results?
A：The anticipated impact of the Hanley Energy acquisition on Q2 and full-year financial results includes a modest contribution to intelligent infrastructure revenue growth, which is assumed to close in January. The acquisition is expected to increase interest expense in the next quarter due to additional debt associated with the acquisition and the anticipated refinancing of existing Senior notes maturing in April.
Q：What is Jabil's focus for the remainder of the year?
A：Jabil's focus for the remainder of the year is on margin expansion, capital efficiency, and sustained cash generation.
Q：What are the updates to the fiscal 2027 outlook in intelligent infrastructure?
A：The fiscal 2027 outlook in intelligent infrastructure has been raised by approximately $900 million, with the Cloud and DCI segment now expected to generate $9.8 billion in revenue, up an incremental $600 million from previous estimates. This is mainly driven by recent program wins with a second hyperscale customer in Mexico, the Hanley Energy Group acquisition, and growth in modular power distribution and energy systems.
Q：What is the impact of AI-related revenue growth in fiscal 2026?
A：AI-related revenue is now expected to be approximately $12.1 billion in fiscal 2026, representing about 35% year-over-year growth, which is an increase from the initial projection of 25% in September. This validates the company's strategy in designing and delivering fully integrated systems that combine various infrastructure elements for AI capacity scaling.
Q：What revisions have been made to the outlook for the regulated industries segment?
A：The fiscal 2026 outlook for regulated industries has been revised to track above the September expectations by roughly $100 million, primarily due to better-than-expected results in renewables. The performance in the automotive sector is in line with expectations, and the company continues to focus on powertrain agnostic solutions for next-generation vehicles.
Q：What is the expected growth for the connected living and digital commerce segment?
A：The connected living and digital commerce segment is now anticipated to contribute approximately $100 million in incremental revenue for the year, driven by broad-based trends in automation, robotics, and advanced retail warehouse programs. This results in an expected decline of roughly 11% year over year in the segment.
Q：What are the updates to the fiscal 2026 guidance?
A：Fiscal 2026 guidance has been raised with an expected revenue of approximately $32.4 billion, an increase of $1.1 billion from the prior outlook. Core operating margins are expected to be roughly 5.7%, a meaningful improvement of 10 basis points, and core delivered earnings per share is anticipated to increase by 55 cents. Adjusted free cash flow is expected to be more than $1.3 billion, consistent with the September framework.
Q：What recent successes in AI strategy and new projects does the company have to report?
A：The company's AI strategy is performing well, with a holistic approach to data centers that leverages the company's liquid cooling capability across various segments. New projects include OpenAI, AMD, Anthropic, and AWS collaborations, and the company is also benefitting from retrofitting factories for liquid cooling and acquiring Hanley Energy Group. These factors are expected to contribute to the revenue growth and guidance for the fiscal year.
Q：What business segments have contributed to the recent revenue growth?
A：The switchgear business, Unreal heat exchanges, Cloud and DCI, and networking and comms have contributed to the revenue growth, with increases of 600 million, 300 million, and 900 million, respectively.
Q：What are the expected financial outcomes from the acquisition of a power and energy management solutions company?
A：The acquisition is expected to be modestly accretive in FY 26 and more significant in FY 27, adding to ongoing revenue streams through deployments and maintenance services.
Q：Is the provided guidance for the company's financial outlook considered conservative?
A：Yes, the guidance is considered appropriately conservative, and the company is seeing solid upsides.
Q：What factors contributed to the improved operating margin from 5.6% to 5.7%?
A：The improved operating margin is attributed to a better mix, stronger utilization of capacity which increased from the 75% range to the 80% range, and leverage from incremental revenue.
Q：What is the outlook for operating margins in the healthcare and packaging business?
A：The healthcare and packaging business has grown by low single digits and is expected to continue evolving, with potential for more growth as deals are actively being pursued and could become more vertical in the healthcare space.
Q：How is the current pipeline for new business and potential revenue growth?
A：The current pipeline is extremely strong, with the potential to grow beyond expectations and reach higher operating margins in the future.
Q：How has the business with the second hyperscaler contributed to revenue growth and what is the new revenue projection?
A：The business with the second hyperscaler has driven upside on AI storage, with an initial projection of $750 million and now expected to be in the billion-dollar range, contributing to revenue growth.
Q：What are the reasons behind the decrease in gross margins despite increased revenue?
A：Gross margins for the quarter were 8.9%, which is up 10 basis points year over year, but lower than the typical range of 9% to 9.5%. This is attributed solely to product mix in Q1.
Q：What are the expectations for future M&A activities in the healthcare sector?
A：The speaker indicates that it is highly likely the company will pursue M&A activities in the healthcare sector, which is viewed as a steady business with higher margins, long product life cycles, and steady cash flows, providing a great offset for diversification.
Q：How is the cloud business expected to handle capacity for new customers and growth?
A：The cloud business is expected to handle capacity needs through existing and new surplus capacities in Mexico and India, and planned capacity expansion including a facility in North Carolina that will be pre-fitted for liquid cooling, and possible expansion in Memphis. These plans are in addition to the current capacity expansion and are expected to be sooner than the North Carolina facility.
Q：What is the potential impact of the acquisitions on power distribution and server rack business?
A：The acquisitions are expected to help in content per rack and gaining more server rack business, with the strategy potentially including modularized power. The focus is on power distribution and the design of energy management solutions, which are expected to be accretive to the business.
Q：How will the acquisitions of Micros and Hanley affect the company's ability to offer energy management solutions?
A：The acquisitions of Micros and Hanley will enhance the company's ability to provide energy management solutions, with expertise in power distribution, switchgear, energy monitoring, and digital power management platforms. This will allow deployment, installation, and maintenance of equipment in data centers, increasing the company's service offering and potentially creating a highly accretive business.
Q：What is the overall view on capital equipment market spending for the year?
A：The company views the automated testing equipment side of the business as outperforming, with back-end outperforming both last year and this year. The WFP side is expected to remain steady with no significant outperformance yet, but there are signs of improvement with opportunities arising from high bandwidth memory and NAND factory upgrades. These expectations could shift as the year progresses.
Q：What is the speaker's stance on the current performance and future of the automotive industry?
A：The speaker indicates that the automotive industry is performing relatively well but that the team remains appropriately conservative. They believe the industry has hit a bottom and there will be upside potential, particularly in 2026, 2027, or 2028, but the exact timing is uncertain.
Q：How is the speaker's company positioned with the expansion of electric vehicles (EVs) and how is the industry's approach to automotive changing?
A：The speaker's company is well-positioned for the expansion of EVs and is in discussions for new programs that could lead to significant wins. The industry's approach to automotive is shifting with a concept of extending the use of these programs to hybrids and ICES as well.
Q：What is the speaker's company's approach to consignment sales and how likely are they to adopt this model with new customers?
A：The company has a mix of consignment and gross revenue models with different customers. While the largest customer is more inclined towards consignment, other customers are still in gross versus consignment discussions. The company is factoring in gross levels and believes consignment models will not pop up everywhere, specifically for the first hyperscale customer but not necessarily for all hyperscalers.
Q：What constraints may data center customers face from the supply side and how has the company addressed these issues?
A：Data center customers may face constraints related to power supply to their data centers. The company has solutions such as design, engineering, and some level of liquid cooling across their offerings. They are engaged with customers to address heat issues and do not see any major impact on growth or a slowdown. The speaker notes a strong and healthy pipeline with no signs of an AI bubble.
Q：Can the speaker provide more details on the discussions with the potential third hyperscale customer?
A：The speaker indicates that discussions are ongoing and it's premature to talk about specific products or revenue from converting this opportunity. The company's strategy is not to target just one or two hyperscalers but a broader set including data center operators. The discussions could start around a server and expand into other areas such as liquid cooling and data center infrastructure. The offering is driving hyperscalers to have discussions with the company, but the details of the potential deal are not yet built into the numbers.
Q：What impact does the retrofitting of data centers have on the company's financials and future plans?
A：The retrofitting of data centers is ahead of schedule and is expected to contribute to stronger financial performance in the second half of the year. Originally, the company anticipated this to be a Q2 and Q3 activity that might come earlier in Q3, providing some level of upside. The strong demand is a concern for the company as they continue to win new business and extend their offerings.
Q：How does the company view its semiconductor chip strategy and potential impacts on revenue and growth?
A：The company's strategy for semiconductor chips is relatively agnostic and they are working with multiple companies on custom chips. They view chip solutions as complementary rather than a replacement, and see potential upside rather than just replacement opportunities. This indicates that their chip strategy is expected to contribute positively to their revenue and growth.
Q：How should investors perceive the company's growth forecast for the second half of the fiscal year and what are the concerns regarding capacity and revenue recognition?
A：Investors should consider a deceleration in growth for the second half of the fiscal year due to a meaningful decrease in underlying demand. The company is being conservative with their projections and the demand picture is improving. The revenue recognition issue is tied to the timing of revenue and the potential capacity constraints the company might face.
Q：What factors are influencing the company's free cash flow outlook for the year?
A：The company's free cash flow outlook for the year is influenced by higher CapEx, slightly increased working capital due to growth, and maintaining prudent guidance. Despite the challenges, the company continues to expect a strong Q1 with $272 million and aims to stay within their range while updating guidance as the year progresses.
Jabil, Inc.
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