By Emily Dattilo
Shares of Jabil were trading sharply higher after the supplier of electronic parts easily beat quarterly earnings estimates.
For its first fiscal quarter ended Nov. 30, the company reported adjusted core earnings of $2 per share, beating Wall Street's call for $1.88, according to FactSet.
Net revenue of $7 billion was above the consensus estimate of $6.6 billion.
"I am very pleased with our first fiscal-quarter results, which came in stronger than we anticipated driven by incremental strength in our Cloud, Data Center Infrastructure, and Digital Commerce end-markets," said CEO Mike Dastoor in a statement.
For its second fiscal quarter, the company forecasts adjusted earnings between $1.60 and $2 per share, while analysts expected $1.79.
For fiscal 2025, the company called for adjusted earnings of $8.75 per share, while analysts had penciled in $8.69.
Jabil stock gained 9.7% to $147.01 in premarket trading Wednesday.
Write to Emily Dattilo at emily.dattilo@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
December 18, 2024 08:00 ET (13:00 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.