Jabil Circuit Inc. (JBL) reported a moderate increase in earnings for the fourth quarter when revenues gained sharply helped by the positive momentum across all business segments. Fuelled by the better than expected results, the company’s stock moved up in premarket trading Tuesday.
Core net income, adjusted for non-comparable items, edged up to $118.2 million or $0.70 per share from $117.15 million or $0.64 per share in the fourth quarter of 2017. On an unadjusted basis, the Florida-based circuit board maker reported a loss of $0.34 per share, compared to earnings of $0.25 per share a year earlier.
Fuelled by the better than expected results, the company’s stock moved up in premarket trading Tuesday
Net revenues jumped 15% year-on-year to $5.77 billion during the three-month period, far exceeding analysts’ forecast.
“As we begin fiscal 2019, we’re steadfast in our commitment to deliver value for shareholders. We’ll continue to pursue strategic capabilities and technologies in select end-markets that should result in even more sustainable earnings and cash flows over the next three to four years,” Said Jabil CEO Mark Mondello.
Encouraged by the positive results, the management issued positive guidance for the first quarter of 2019, projecting earnings in the range of $0.45 per share to $0.74 per share. Core earnings are forecast between $0.79 per share and $0.99 per share. Net revenues are estimated to grow about 9% year-on-year in the first quarter to the range of $5.8 billion to $6.4 billion.
Jabil Circuit’s shares gained about 13% since the beginning of the year and 2% over the past twelve months. The stock ended the last trading session higher and gained further Tuesday after the earnings announcement.
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