Jabil Inc (NYSE:JBL) rallied in Wednesday’s premarket trading after crediting its diversification strategy in reporting quarterly record revenue and earnings that beat Wall Street estimates.
The St. Petersburgh, Florida-based contract electronics manufacturer said Tuesday in a press release that quarterly net income attributable to the company almost doubled to $123.6 million, or $0.90 per share on a diluted basis. That compares with the consensus of $0.88 forecast by analysts.
READ: Jabil beats on 4Q fiscal earnings and revenue, but stock still slips
Shares of Jabil climbed 9.3% to $24.27 in Wednesday’s premarket trading as the company said it expected to extend momentum in the automotive, cloud, healthcare and 5G wireless segments.
The company reported that for its first quarter ended November 30, net revenue climbed to $6.5 billion, from almost $5.6 billion a year earlier.
"The exceptional performance is proof that our diversification strategy is working," CEO Mark Mondello said in a statement.
In September, Jabil reported that it beat expectations on both earnings per share and revenue during its fourth quarter.
Contact Dennis Fitzgerald at dennis@proactiveinvestors.com