Jabil (NYSE:JBL) updated its financial forecasts for the second quarter, resulting in a slight dip in its share price intra-day today.

The revised projection for net revenue now stands between $6.6 billion and $7.2 billion, a decrease from the initial estimate of $7.0 billion to $7.6 billion.

In addition, Jabil modified its core earnings per share (EPS) guidance, now expecting it to be in the range of $1.43 to $1.83. This adjustment comes as market analysts predict an EPS of $2.08 and revenue of $7.53 billion.

Looking at the full year 2024, Jabil’s revenue forecast has been adjusted to $30.6 billion, down from the earlier forecast of $31 billion. This is in contrast to the market consensus, which is set at $31.28 billion.

These revised forecasts come in the wake of Jabil completing the sale of its Mobility Business and its plans to fully utilize a $2.5 billion share buyback authorization. These adjustments align with the company’s expectations shared during the first quarter earnings call.

Having completed the deal sooner than anticipated, Jabil now expects the midpoints of its previously projected second-quarter revenue and core EPS to decrease by $400 million and $0.30, respectively.

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