Jabil Inc (NYSE: JBL) reported mixed results for the fourth quarter of 2019. While Jabil surpassed the consensus’ estimates for Q4 earnings, it missed Street’s views on the revenue front. Jabil shares were down about 2% immediately after the earnings announcement in the pre-market trading session. However, the stock recovered and was trading in the positive terriotry at 8:30 AM ET.
Jabil’s core EPS was $0.88 in the recently ended quarter on revenue of $6.57 billion. Analysts had expected the St. Petersburg, Florida-based company to post earnings of $0.86 per share on revenue of $6.61 billion. On a GAAP basis, Jabil swing to a profit of $0.34 per share in the fourth quarter from a loss of $0.34 per share in the prior-year quarter.
The company had earlier projected Q4 core EPS to be between $0.76 and $0.96 and revenue to be in the range of $6.3 billion and $6.9 billion. GAAP EPS for the quarter ended August 31, 2019, was touted to be in the range of $0.47 to $0.71.
For the first quarter of fiscal 2020, the manufacturing solutions provider eyes core EPS to be between $0.82 and $1.04 per share and revenue to be in the range of $6.65 billion to $7.35 billion. GAAP EPS for Q1 2020 is estimated to be between $0.14 and $0.58.
Commenting on FY19 results, CEO Mark Mondello said, “As expected, our revenue was driven higher by targeted end-markets in the areas of 5G, cloud, energy and healthcare.”
The company’s Board of Directors approved a share repurchase program of up to $600 million of Jabil stock.
Jabil stock, which reached its 52-week high ($32.40) early this month, had advanced 26% so far this year and 5% in the past 12 months.
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