JBL - Why Jabil Stock Dropped 12% Today
2024-03-15 11:14:10 ET
Jabil (NYSE: JBL) stock tumbled 12.5% through 10:20 a.m. ET Friday morning after the stock reported mixed earnings and gave weak guidance in its fiscal Q2 2024 financial report.
Heading into the earnings report, analysts had forecast that Jabil would earn $1.66 per share on $6.9 billion in quarterly sales. Jabil beat the earnings number with a "core" profit of $1.68, but missed on sales, reporting $6.8 billion.
At the same time, Jabil reported much stronger earnings as calculated according to generally accepted accounting principles ( GAAP ) than its "core" results suggest. Total earnings for the quarter came to $1.1 billion -- $7.31 per share. The problem with this is that the bulk of Jabil's profits came from the sale of its mobility division, which accounted for $944 million of the company's profits. It's after backing that profit out that Jabil arrived at its core profit -- $1.68 per share.
For further details see:
Why Jabil Stock Dropped 12% Today