Jabil stock was down on Tuesday despite reporting an earnings beat for its fiscal fourth quarter of 2018.
Jabil’s (NYSE:JBL) earnings report for its fiscal fourth quarter of the year includes earnings per share of 70 cents. This is an increase over the company’s earnings per share of 64 cents from the same time last year. It also beat out Wall Street’s earnings per share estimate of 68 cents, but wasn’t enough to save Jabil stock today.
Net loss reported by Jabil for its fiscal fourth quarter of 2018 came in at $56.61 million. This is a major drop from the company’s net income of $46.04 million reported in its fiscal fourth quarter of 2017.
During its fiscal fourth quarter of the year, Jabil reported operating income of $153.90 million. This is up from the manufacturing services company’s operating income of $118.06 million reported in the same period of the year prior.
Jabil also reported revenue of $5.77 billion for its fiscal fourth quarter of 2018. This is better than the company’s revenue of $5.02 billion reported in its fiscal fourth quarter of the previous year. Just like with its earnings per share, this beat analysts’ revenue estimate of $5.43 billion for the quarter, but couldn’t keep Jabil stock from falling today.
So what exactly is keeping Jabil stock down today? It looks like heavy trading of the stock following the earnings beat for its fiscal fourth quarter of the year might be the cause of the decline.
JBL stock was down 9% as of Tuesday morning, but is up 12% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.