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.