Jabil (JBL) Q3 Financial Results

Jabil Inc (NYSE:JBL) traces its roots back to 1966 when James Golden and Bill Morean founded the company to manufacture and repair circuit board assemblies. The company kept offering its services to electronic manufacturers for several years. It went public in 1993 and diversified into new segments over the years. Jabil currently provides electronic design, manufacturing, and product management services. It serves a wide range of industries such as automotive, defense, aerospace, and telecommunications.

The St. Petersburg, Florida-based company recently announced its financial results for the third quarter that exceeded expectations. Jabil reported adjusted earnings of $1.30 per share for the three months ended May 31, versus a loss of 37 cents per share in the comparable period of 2020. Analysts, on average, were looking for earnings of $1.04 per share.

Revenue jumped nearly 14 percent to $7.21 billion, ahead of the consensus forecast of $6.95 billion. Revenue from the electronics manufacturing services rose 8 percent on a year-over-year basis, while revenue from diversified manufacturing services jumped 21 percent.

Speaking on the results, CEO Mark Mondello said, “Our third quarter performance was outstanding. The combination of strong demand and excellent execution by the team allowed us to deliver $277 million in core operating income on revenue of $7.2 billion.”

Jabil also issued its financial outlook for fiscal 2021. It is anticipating adjusted earnings in the range of $1.25 per share to $1.45 per share. Moreover, revenue for the full year is expected to increase 4 percent on a year-over-year basis.