BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Jabil Reports Fiscal Q2 2024 Results and Provides Forward-Looking Statements
ST. PETERSBURG, Fla., March 15, 2024 – Jabil Inc. (NYSE: JBL), a global leader in manufacturing solutions, shared its financial achievements for the second quarter of the fiscal year 2024, as well as projections for the upcoming quarter and the rest of the fiscal year.
Detailed Fiscal Q2 2024 Financial Outcomes
- Net Revenue: Jabil posted net revenues of $6.8 billion for the quarter.
- U.S. GAAP Operating Income: The operating income reported under U.S. GAAP was $1.1 billion.
- U.S. GAAP Diluted Earnings Per Share: Earnings per share on a diluted basis under U.S. GAAP came to $7.31.
- Core Operating Income (Non-GAAP): On a non-GAAP basis, Jabil reported a core operating income of $338 million, which adjusts for certain items that are not indicative of the company's ongoing operational performance.
- Core Diluted Earnings Per Share (Non-GAAP): The core diluted earnings per share, which excludes specific adjustments, was reported at $1.68.
Outlook for Fiscal Q3 2024
Jabil provided guidance for the third quarter of fiscal year 2024, including expected revenue and earnings.
- Net Revenue: The company anticipates net revenues to range between $6.2 billion and $6.8 billion.
- U.S. GAAP Operating Income: Operating income is projected to be between $221 million and $301 million under U.S. GAAP.
- U.S. GAAP Diluted Earnings Per Share: Earnings per share on a diluted basis are expected to fall between $0.82 and $1.38.
- Core Operating Income (Non-GAAP): The forecast for core operating income, which adjusts for certain non-recurring and non-operational items, ranges from $325 million to $385 million.
- Core Diluted Earnings Per Share (Non-GAAP): Anticipated to be between $1.65 and $2.05, this measure excludes specific adjustments to provide a clearer picture of the company's earnings from ongoing operations.
Revised Fiscal Year 2024 Projections
Jabil also updated its projections for the entirety of fiscal year 2024, highlighting expectations for revenue, operating margins, earnings per share, and free cash flow.
- Net Revenue: The company's revenue forecast for the fiscal year has been set at $28.5 billion.
- Core Operating Margin (Non-GAAP): Jabil expects the core operating margin to be around 5.6%, adjusting for non-recurring and non-operational expenses.
- Core Diluted Earnings Per Share (Non-GAAP): The projected core diluted earnings per share is $8.40, which provides insight into the company's expected profitability excluding certain adjustments.
- Adjusted Free Cash Flow (Non-GAAP): Jabil anticipates generating more than $1 billion in adjusted free cash flow, highlighting the company's financial health and operational efficiency.
Following the announcement of these financial results and forward-looking projections, Jabil's share price saw a 13% decrease. This movement in the stock market occurred in the context of the company's latest financial disclosures and future expectations.
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