Manufacturing services company Jabil Inc (NYSE: JBL) on Tuesday reported third-quarter earnings that were in line with the street expectation. Non-Gaap diluted earnings came in at 57 cents per share, compared to 46 cents per share in the same period last year.
Revenues for the quarter rose 13% to $6.14 million, surpassing the street projection of $6.01 billion. Revenues were primarily helped by the Electronics Manufacturing Services segment, which grew 26% year-over-year.
Diversified Manufacturing Services unit, meanwhile, saw a 6% decline.
CEO Mark Mondello said, “In the fourth quarter, our outlook for revenue, core EPS and cash flow is solid as we see robust demand in 5G / wireless, cloud, industrial, healthcare and packaging.”
For the fourth quarter, the company anticipates net revenue between $6.3 billion and $6.9 billion. Adjusted earnings is projected in the range of $0.76 to $0.96 per diluted share.
JBL shares rose 1.7% during after-market trading. Jabil stock has traded mostly sideways in the trailing 52 weeks. The shares have gained a modest 1.6% in the past 12 months, while it has gained 11% in the year-to-date period.
During the second quarter, Jabil surpassed earnings estimates, while meeting revenue targets for Q2 2019. The company posted earnings of $0.64 per share on revenue of $6.1 billion. Analysts had predicted Jabil to report earnings of $0.61 per share on revenue of $6.1 billion for the second quarter. Shares of Jabil are up about 2% during the extended trading hours.
La-Z-Boy Incorporated (NYSE: LZB) stock is trading down 1.36% ahead of its earnings results for the fourth quarter of fiscal 2019 today after the market closes. Analysts expect the residential furniture maker to report a profit of $0.70 per share on revenue of $469.05 million for the fourth quarter. Watch this space here for live updates.
The results will be driven by solid sales growth in all of its operating segments and sales from the acquisitions of Joybird and 10 La-Z-Boy Furniture Galleries stores. However, the bottom line will be hurt by higher costs and expenses. Sales of its Upholstery segment will be driven by improvements in price and mix, including innovative products with a compelling value proposition.
For the third quarter, the company reported a 137% jump in earnings helped by higher sales as well as lower costs and expenses. Solid operating segments growth and sales from Joybird and 10 La-Z-Boy Furniture Galleries stores drove consolidated sales higher by 13%.
For fiscal 2019, the company expects to report sales of $1.75 billion, an increase of 10% over the prior year. The GAAP earnings are anticipated to be in the range of $1.43 to $1.45 per share and non-GAAP earnings are predicted to be in the range of $2.13 to $2.15 per share. The adjusted results exclude purchase accounting charges and non-cash pension termination charge.
In the fourth quarter, sales declined versus the prior-year quarter in wholesale Upholstery and Casegoods segments, consistent with a slow start to the calendar year across the North American retail home furnishings landscape. Given fixed costs, the decline in volume translated to a direct impact on operating margins for wholesale businesses in the fourth quarter.
(The article will be updated shortly)
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