Jabil Inc. (NYSE:JBL) Q4 2020 Earnings Conference Call - Final Transcript

Sep 24, 2020 • 08:30 am ET


Jabil Inc. (NYSE:JBL) Q4 2020 Earnings Conference Call - Final Transcript


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Hello and welcome to the Jabil Fourth Quarter Fiscal Year 2020 Earnings Call and Investor Briefing. [Operator Instructions] As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to your host, Adam Berry, Vice President, Investor Relations. Adam, please go ahead.

Adam Berry

Good morning and welcome to Jabil's fourth quarter of fiscal 2020 earnings call and investor briefing. Joining me on today's call are Chief Executive Officer, Mark Mondello, and Chief Financial Officer, Mike Dastoor. We'll begin today with Mike who will review our fourth quarter and fiscal 2020 results. These slides are currently posted on our website at jabil.com. Following those comments, we will transition to our third annual investor briefing, where Mark will review our business overview and Mike will provide an outlook for our first quarter and fiscal 2021. We will then open it up for your questions.

Please note to view our investor briefing slides during today's session, you will need to be logged into our webcast at jabil.com. Following today's session, you will find our entire slide deck for both our fourth quarter earnings and investor briefing on our website. The entirety of today's call will be recorded and posted for audio playback on jabil.com within the Investors section. Our fourth quarter press release, slides, and corresponding webcast are also available on our website. In these materials, you will find the earnings information that we cover during this conference call.

Before handing the call over to Mike, I'd now ask that you follow our earnings presentation with slides on the website, beginning with our forward-looking statement. During this conference call, we will be making forward-looking statements, including, among other things, those regarding the anticipated outlook for our business, such as our currently expected first quarter net revenue and earnings. These statements are based on current expectations, forecasts, and assumptions, involving risks and uncertainties that could cause actual outcomes and results to differ materially. An extensive list of these risks and uncertainties are identified in our annual report on Form 10-K for the fiscal year ended August 31, 2019 and other filings. Jabil disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

With that, it's now my pleasure to turn the call over to Mike.

Michael Dastoor

Thank you, Adam, and good morning, everyone. I'm very pleased with our fourth quarter performance. Both segments executed extremely well and delivered financial results that came in well above the guidance we provided on June 19. The overperformance was driven mainly by two factors; first, during Q4, we experienced fewer COVID-related disruptions than we anticipated in June, which resulted in higher-than-expected throughput in our plants, a more efficient supply chain, and lower COVID-related expenses; and second, our teams in both segments quickly moved to capitalize on upside demand mainly in the Mobility, 5G wireless, and cloud end markets. The compounding effects of higher-than-expected sales improved productivity and lower costs allowed us to