JBL - This Market-Beating Growth Stock Is Too Cheap to Ignore
Shares of contract electronics manufacturer Jabil (NYSE: JBL) have rallied impressively over the past six months and defied the broader stock market downturn -- gaining over 26% while the S&P 500 index has dropped around 2% over the same period -- and it looks like the company is all set to sustain its impressive momentum in the new year and beyond.
Jabil released terrific results for the first quarter of fiscal 2023 (for the three months ended Nov. 30, 2022) on Dec. 15. The company -- which counts Apple (NASDAQ: AAPL) as its largest customer -- not only beat Wall Street's expectations handsomely, but also raised its full-year earnings guidance. Let's take a closer look at Jabil's results and check why it may be a good idea to buy the stock hand over fist right now.
Jabil reported fiscal Q1 revenue of $9.6 billion, an increase of 12% over the prior-year period. The company's double-digit growth was driven by an improvement in both the diversified manufacturing services (DMS) and electronics manufacturing services (EMS) segments. More specifically, Jabil saw healthy revenue jumps in the automotive, healthcare, and industrial end markets, which allowed it to offset weakness in other areas such as mobility, which was hamstrung by operational problems in China.
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This Market-Beating Growth Stock Is Too Cheap to Ignore