electronics contract manufacturer Jabil ,jbl) on Thursday beat Wall Street’s targets for its fiscal second quarter and offered a better outlook for the current period. But Jabil’s shares fell in morning trading.
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St. Petersburg, Fla. -based company earned $1.88 per share on sales of $8.13 billion in the quarter ended February 28. Analysts polled by FactSet had expected earnings of $1.85 per share on sales of $8.09 billion. On a year-over-year basis, Jabil’s earnings grew by 12% while sales grew by 8%.
For the current quarter, Jabil forecast adjusted earnings per share of $1.90 on sales of $8.2 billion. It is based on the midpoint of its approach. Wall Street was expecting earnings of $1.89 per share on sales of $8.14 billion.
“Our diversified portfolio has allowed us to successfully navigate a very dynamic macro environment and deliver strong financial results year-over-year,” Chief Executive Officer Mark Mondello said in a statement. News release,
Jabil has two business segments: Electronics Manufacturing Services and Miscellaneous Manufacturing Services. The electronics manufacturing unit makes gear for cloud computing, networking, data storage, industrial and other applications. The diversified manufacturing unit makes automotive, health care, mobile and other equipment.
Jabil Stock is on Tech Leaders List
Shares of Jabil fell 6.9% to close at 74.82 in the stock market this morning.
Jabil’s stock touched a buy point of 65.98 on a cup-with-handle basis on October 28, according to IBD MarketSmith Charts. It touched an all-time high of 85.70 on March 3.
Jabil stock ranks third among 15 stocks in IBD’s Electronics Contract Manufacturing Industry Group ibd stock checkup, It has an IBD overall rating of 96 out of 99. The composite rating scores a stock’s key growth metrics against all other stocks, regardless of industry group.
In addition, Jabil stock is on the list of IBD Tech Leaders.
Electronics manufacturing services are central to many growth trends, from the boom in electric vehicles to the restart of production.
The electronics contract manufacturing industry group ranks No. 70 out of 197 industry groups that IBD tracks.
Follow Patrick Seitz on Twitter @IBD_PSeitz For more stories on consumer technology, software and semiconductor stocks.
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