Subcontractor for electronics Jabil (JBL) on Thursday beat Wall Street’s targets for the fiscal second quarter and traded higher for the current period. Jabil shares rose in early trade.
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The St. Petersburg, Fla.-based company earned an adjusted $1.88 per share on sales of $8.13 billion for the quarter ended February 28. Year over year, Jabil’s earnings rose 12% while revenue rose 8%.
For the current quarter, Jabil forecast adjusted earnings per share of $1.90 on sales of $8.2 billion. This is based on the midpoint of his guidance. Wall Street expected earnings of $1.89 per share on sales of $8.14 billion.
“Our diversified portfolio enabled us to successfully navigate a very dynamic macro environment and deliver robust year-over-year financial results,” said Chief Executive Mark Mondello in a press release.
Jabil has two business segments: Electronics Manufacturing Services and Diversified Manufacturing Services. Electronics manufacturing unit manufactures equipment for cloud computing, networking, data storage, industrial and other applications. The diversified manufacturing unit manufactures automotive, healthcare, mobile and other devices.
Jabil Stock is on the Tech Leaders List
In premarket trading today, Jabil shares are up 0.5% to 80.70.
On Oct. 28, Jabil stock hit a buy point of 65.98 from a cup and handle basis, according to IBD MarketSmith charts. It hit an all-time high of 85.70 on March 3rd.
Jabil shares rank third out of 15 stocks in the electronics contract manufacturing industry group, according to IBD IBD inventory check. It has an IBD composite rating of 96 out of 99. The composite rating evaluates a stock’s key growth metrics relative to all other stocks, regardless of industry group.
Also, Jabil stock is on the list of IBD Tech Leaders.
Electronics manufacturing services are at the center of numerous growth trends, ranging from manufacturing relocation to the electric vehicle boom.
The Electronics Contract Manufacturing Industry Group is ranked 70th out of 197 industry groups tracked by IBD.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories about consumer technology, software and semiconductor stocks.
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