Jabil Inc (NYSE:JBL) has reported fourth-quarter revenue that missed the mark but profit that was well ahead of expectations. It has also guided for strong 1Q 2024 earnings, sending its shares higher in Thursday afternoon trading.
The St Petersburg, Florida-based electronics manufacturer said revenue for the quarter declined by 6.3% to $8.46 billion, missing Street forecasts for $8.5 billion.
Adjusted earnings per share (EPS) rose 4.7% to $2.45, above the $2.31 average estimate of five analysts, according to Zacks Investment Research.
“The team delivered yet another solid year and I’m pleased with the progress we’ve made relative to our financial objectives,” CEO Kenny Wilson said in a statement.
“As we move into the new fiscal year, I feel strongly that we have the right team, capabilities, and diversified portfolio to support good momentum into FY24 and beyond.”
For the current quarter, Jabil has guided for revenue of $8.4 billion to $9 billion, below the $9.1 billion expected by the Street, but adjusted EPS of $2.40 to $2.80, above the $2.15 expected by analysts surveyed by Zacks.
Jabil’s shares traded 16% higher at $121.76 by 1pm in New York.
Contact the author at stephen.gunnion@proactiveinvestors.com