Jabil beat profit and revenue expectations, raises full-year outlook

Shares of Jabil Inc. slipped 0.7% in premarket trading Thursday, but outperformed the sharp selloff in the broader stock market, after electronics contract manufacturer reported better-than-expected fiscal third-quarte results and raised it full-year outlook. Net income for the quarter to May 31 rose to $218 million, or $1.52 a share, from $169 million, or $1.12 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.72 beat the FactSet consensus of $1.62. Revenue grew 15.4% to $8.33 billion, above the FactSet consensus of $8.22 billion. Cost of sales rose more than sales, up 16.0% to $7.71 billion, to knock gross margin down to 7.4% from 7.9%. For fiscal 2022, the company raised its guidance for adjusted EPS to $7.45 from $7.25 and for revenue to $32.8 billion from $32.6 billion. The stock has lost 16.4% year to date through Wednesday, while the S&P 500 has dropped 20.5%.

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