JBL - Jabil stock tanks 12% as revenue misses estimates
2024-03-15 08:50:19 ET
Jabil Inc (NYSE: JBL) is down 12% on Friday after reporting slightly lower-than-expected revenue for its second financial quarter.
Jabil stock down on muted guidance
Investors are concerned also because the manufacturing company issued downbeat guidance for the future. now forecasts its revenue to fall between $6.2 billion and $6.8 billion.
Analysts, in comparison, were at $7.4 billion. Kenny Wilson – the chief executive of Jabil Inc said in a press release today:
Despite revenue headwinds, which are expected to be short-term … we expect to deliver strong core operating margins and free cash flow in FY24.
The quarterly release arrives more than a month after the New York listed firm announced 8 cents a share of quarterly dividend. Jabil stock is still up close to 100% versus its 52-week low.
Jabil Q2 earnings snapshot
- Earned $927 million versus the year-ago $207 million
- Per-share earnings also climbed from $1.52 to $7.31
- Adjusted EPS printed at $1.68 as per the earnings report
- Net revenue tanked 16% year-on-year to $6.8 billion
- Consensus was $1.66 a share on $6.9 billion in revenue
Jabil Inc also lowered its forecast for the full financial year on Friday. According to CEO Wilson:
As I think about exiting this year as a more streamlined company, coupled with key opportunities across our diversified end-market portfolio, I’m confident in our ability to expand margins YoY.
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