Jabil Inc (NYSE:JBL) had a strong quarter that helped send its shares popping late Thursday, reporting earnings that topped analysts’ expectations and increasing its outlook for the current quarter.
The electronics manufacturer unveiled results for its third quarter of fiscal 2018, including net income of $42.5 million, or 25 cents per share, compared to a loss in the year-ago period of $25.3 million, or 14 cents per share. On an adjusted basis, the company brought in earnings of 46 cents per share, ahead of the 31 cents per share it brought in during the year-ago quarter.
Analysts were calling for adjusted earnings of 45 cents per share, according to data compiled by FactSet in its analyst survey. Jabil’s revenue increased from $4.5 billion to $5.4 billion in the most recent quarter. The figure was also well ahead of expectations as Wall Street was projecting sales of $4.9 billion in its consensus estimate, according to data compiled by FactSet.
The company also said that it now projects and 8% increase in revenue for its fiscal fourth quarter of 2018, with the figure slated to be in the range of $5.2 billion to $5.6 billion. Jabil sees its adjusted earnings as being in the range of 56 cents and 80 cents per share.
The company added that its board of directors have approved a $350 million share buyback program.
