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Jabil Earnings: JBL Stock Ticks Higher Despite Q2 Misses

Jabil (NYSE:JBL) earnings for the manufacturing company’s fiscal second quarter of 2020 saw JBL stock rise on Friday, before giving back some of its gains in after-hours trading. This comes after reporting adjusted earnings per share of 50 cents. That’s below Wall Street’s estimate of 64 cents for the quarter. Its revenue of $6.13 billion also doesn’t reach analysts’ estimates of $6.16 billion.

Jabil Earnings: JBL Stock Ticks Higher Despite Q2 Misses

Source: Sundry Photography / Shutterstock.com

Now, let’s take a more in-depth look at the most recent Jabil earnings report.

  • Adjusted EPS for the quarter comes in 21.88% lower than the 64 cents from the same time last year.
  • Revenue is sitting about 1% higher than the $6.07 billion reported during the fiscal second quarter of 2019.
  • Operating income of $90.63 million is a 41.14% drop year-over-year from $153.98 million.

Mark Mondello, Chief Executive Officer of Jabil, said this about the JBL stock earnings report.

“After a stronger than expected start to the fiscal quarter, our factories were adversely impacted by workforce and supply chain disruptions associated with COVID-19. First and foremost, the safety and well-being of our people is our number one priority. Despite the near-term financial setback, our long-term strategy remains unchanged.”

The Jabil earnings report also includes a change to its fiscal 2020 guidance. The company notes that its previous outlook didn’t take into account the coronavirus from China. Due to that, it is withdrawing its guidance for the fiscal year.

JBL stock was up slightly as of Friday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/03/jabil-earnings-boost-jbl-stock-up/.

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