Jabil Inc (NYSE:JBL) has reported first-quarter revenue and earnings that beat consensus, sending its shares higher in Thursday pre-market trading.
The St Petersburg, Florida-based electronics manufacturer posted a 13% decline in net revenue to $8.39 billion for the three months ended November 30, 2023, narrowly beating the $8.35 billion consensus estimate of Wall Street analysts.
Core diluted earnings per share (EPS) rose 12.6% to $2.60, above the $2.58 forecast by the Street.
“As previously announced, we experienced a broad-based softening in demand during the final stretch of our first quarter, which you can see reflected in our first quarter revenue,” Jabil CEO Kenny Wilson commented in a statement.
“Despite softer demand, the team delivered good year-over-year growth in core margins and core earnings per share.”
The company has guided investors for 2Q revenue of $7 billion to $7.6 billion and core diluted EPS of $1.73 to $2.13 per share.
Ahead of the opening bell, Jabil’s shares were up 1.5% at $122.40.