Jabil Inc ( JBL ) reported second-quarter fiscal 2024 revenue of $6.77 billion, down by 16.8% year-on-year, missing the consensus estimate of $6.89 billion. 

The print manufacturing company’s adjusted EPS of $1.68 beat the consensus of $1.66. The stock price slid after the results.

Segments: Diversified Manufacturing Services (DMS) revenue declined by 16% Y/Y, and Electronics Manufacturing Services (EMS) revenue fell by 18% Y/Y.

The company held $2.6 billion in cash and equivalents as of February 29, 2024.

“Fiscal year 24 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,” said CEO Kenny Wilson.

Q3 FY24 Outlook: Jabil ( JBL ) expects revenue of $6.2 billion – $6.8 billion (consensus: $7.37 billion) and adjusted EPS to $1.65 – $2.05 (consensus: $2.12).

FY24 guidance: The company also revised revenue guidance to $28.5 billion, down from the prior $30.6 billion (vs. consensus: $30.5 billion), and expects core EPS of $8.40, down from the previous $9.00+ (vs. estimate of $8.99).

Investors can gain exposure to the stock via Elevation Series Trust SRH U.S. Quality ETF and Alpha Architect U.S. Quantitative Value ETF ( QVAL ) .

Price Action: JBL shares are trading lower by 16.20% at $123.44 on the last check Friday.