Jabil shares rise after company swings to profit
Shares of Jabil Inc. rose more than 5% late Thursday as the electronics manufacturer reported fiscal third-quarter earnings above Wall Street expectations and called for an 8% increase in revenue for the fiscal fourth quarter. Jabil said it earned $42.5 million, or 25 cents a share, in the quarter, versus a loss of $25.3 million, or 14 cents a share, in the year-ago period. Adjusted for one-time losses, the company earned 46 cents a share, compared with 31 cents a share a year ago. Revenue rose to $5.4 billion, from $4.5 billion a year ago. Analysts polled by FactSet had expected adjusted earnings of 45 cents a share on sales of $4.9 billion. For the fiscal fourth quarter, the company said it expects revenue between $5.2 billion and $5.6 billion, and adjusted EPS between 56 cents and 80 cents. Jabil also said its board of directors had approved a $350 million share buyback program. Shares had ended the regular trading day up 0.3%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.