10:13 AM EDT, 03/15/2024 (MT Newswires) -- Jabil ( JBL ) cut its full-year outlook on Friday amid revenue headwinds in the near term, as the manufacturing solutions provider's second-quarter results fell from a year earlier.

The company now expects adjusted earnings of $8.40 per share for the 2024 fiscal year, down from its prior guidance of more than $9. Revenue is pegged at $28.5 billion versus the previous forecast of $30.6 billion. The consensus on Capital IQ is for normalized EPS of $8.98 and revenue of $30.48 billion.

"Fiscal year (2024) was always going to be a transitional year for Jabil ( JBL ), one in which we successfully completed the largest transaction in the company's history with the mobility sale, and the subsequent efforts by our teams to optimize our footprint and cost structure for the go-forward company," Chief Executive Kenny Wilson said in a statement.

The company closed the $2.2 billion sale of its mobility business to Chinese automaker BYD unit BYD Electronic in December.

For the three months through Feb. 29, Jabil's ( JBL ) adjusted earnings declined to $1.68 a share from $1.88 the year before, in line with the Street's view. Revenue dropped to $6.77 billion from $8.13 billion, trailing analysts' $6.93 billion estimate. The stock tumbled 13% in Friday trade.

Revenue for the diversified manufacturing services segment fell 16% to $3.4 billion, "driven almost entirely" by annual comparisons for the company's mobility business divestiture, Adam Berry, vice president of investor relations, said during an earnings call, according to a Capital IQ transcript. The electronics manufacturing services division slid 18% to $3.3 billion in part due to lower revenue in the 5G wireless, renewable energy and digital print markets, Berry said.

"Towards the end of our second quarter, we experienced a sudden slowdown within our 5G and renewable energy end markets, which we expect will continue through the second half of (fiscal 2024) and result in lower-than-expected revenue for the last two quarters," Chief Financial Officer Michael Dastoor told analysts on the call.

Jabil ( JBL ) anticipates adjusted EPS to be in a range of $1.65 to $2.05 for the ongoing quarter while revenue is seen at $6.2 billion to $6.8 billion. The Street is looking for normalized earnings of $2.13 per share on revenue of $7.39 billion.

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