JBL - Why Jabil Stock Popped Today
Shares of contract electronics manufacturer Jabil (NYSE: JBL) popped in morning trading Tuesday, rising 3.2% through 10:55 a.m. ET after the company beat earnings in its fiscal Q4 and full-year 2022 earnings report.
Heading into earnings, analysts had forecast Jabil would earn only $2.14 per share in "core" earnings for the quarter on sales of less than $8.4 billion. Jabil beat those numbers with a stick, however, reporting a $2.34-per-share core profit on sales of more than $9 billion.
Sales grew 22% year over year for the quarter at Jabil, with the greatest growth seen in contract electronics manufacturing (32% growth) versus "diversified" manufacturing, which grew revenues only 13%. Profits according to generally accepted accounting principles ( GAAP ) were a bit below "core" profits, but at $2.25 for the quarter, they were still nearly double what the company earned a year ago.
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Why Jabil Stock Popped Today