Jabil’s stock surges toward a 20-year high after big profit and revenue beats

Daily Updates


Shares of Jabil Inc.
JBL,
+7.74%

ran up 8.3% toward a 20-year high in premarket trading Thursday, after the contract manufacturer reported a big profit beat for the fiscal first quarter on revenue that rose well above expectations. Net income for the quarter to Nov. 30 rose to $200.4 million, or $1.31 a share, from $40.4 million, or 26 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to $1.60, above the FactSet consensus of $1.27. Revenue rose 4.4% to $7.83 billion to beat the FactSet consensus of $7.03 billion. Looking ahead, the company said it expects second-quarter adjusted EPS of 83 cents to $1.03, compared with the FactSet consensus of 88 cents. The stock, which is on track to open at the highest price seen during regular-session hours since November 2000, has rallied 24.5% over the past three months through Wednesday, while the S&P 500
SPX,
+0.39%

has gained 10.3%.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *