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Jabil Earnings: JBL Stock Dips Despite Q3 Beat

Jabil (NYSE:JBL) earnings for the manufacturing company’s fiscal third quarter of 2020 have JBL stock down on Friday. This comes after reporting adjusted earnings per share of 37 cents on revenue of $6.34 billion. These are both better than Wall Street’s adjusted EPS of 32 cents and revenue of $5.57 billion estimates.

Jabil Earnings: JBL Stock Dips Despite Q3 Beat

Source: Sundry Photography / Shutterstock.com

Here are some additional highlights from the most recent Jabil earnings report.

  • Adjusted per-share earnings are down 35.1% from 57 cents during the same time last year.
  • Revenue for the quarter is sitting 3.3% higher than the $6.14 billion reported in the fiscal third quarter of 2019.
  • Operating income of $59.38 million is a 57.9% decline year-over-year from $140.92 million.
  • The Jabil earnings report also includes a net loss of $50.26 million.
  • That’s a drop from the company’s net income of $44.03 million reported in the same period of the year prior.

Mark Mondello, CEO of Jabil, said this about the earnings report.

“Our ability to deliver strong cash flows and solid revenue growth in the midst of a global pandemic suggests we’re doing something right. I want to offer my sincere appreciation to all those who work so hard to keep our people safe. The unique combination of efficiently operating our factories, and the strength of our well-diversified commercial portfolio, has allowed us to successfully navigate an extremely challenging macro environment.”

Jabil also includes a fiscal Q4 outlook in the current earnings report. The company expects adjusted EPS of 46 cents to 86 cents on revenue of $5.8 billion to $6.6 billion. For comparison, Wall Street is estimating adjusted EPS of 59 cents on revenue of $6.09 billion for the quarter.

JBL stock started off strong when markets opened on Friday but gave some back in the 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/2020/06/jabil-earnings-dip-jbl-stock-despite-beat/.

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