JBL - This Apple Supplier Just Pulled Its Full-Year Outlook
Jabil's (NYSE: JBL) stock recently plunged along with the broader market after the electronics manufacturing company posted weak second-quarter numbers and pulled its full-year outlook.
Jabil's revenue rose 1% annually to $6.13 billion, but missed estimates by $60 million. Its non-GAAP core earnings declined 22% to $78.1 million, or $0.50 per share, which missed estimates by $0.17. On a GAAP basis, it reported a net loss of $3.3 million, compared to a profit of $67.4 million a year earlier.
Jabil claimed that dealing with the novel coronavirus outbreak increased its operating expenses by $53 million during the quarter. It also withdrew its prior full-year guidance, which called for 6% revenue growth and 21% growth in core earnings, due to the "rapidly changing" novel coronavirus pandemic.