Tuesday, November 21, 2017
Business

Jabil reports loss for third quarter earnings but still exceeds analyst projections

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ST. PETERSBURG — Contract electronics manufacturer Jabil Inc. reported a $23.5 million third-quarter loss late Wednesday, but that didn't slow down it stock momentum.

The St. Petersburg-based company's 31 cents per share earnings beat analysts' 29 cents per share expectations, and its share price jumped nearly 5 percent in the first half hour after the market close.

"I'm pleased with our third quarter results as both business segments performed quite well," CEO Mark Mondello said in a filing with the Securities and Exchange Commission.

Jabil's net revenue was $4.5 billion, up 4 percent from $4.3 billion in the year-ago period and again exceeding analyst projections of $4.41 billion.

Its core operating income was $113.8 million for this quarter.

Formerly known as Jabil Circuit, the Fortune 500 company also outpaced analyst expectations last quarter. Its second quarter revenue of $20.7 million and 11 cents per share exceeded Wall Street projections, and the company indicated in its Wednesday SEC filing that it expected to increase its net revenue to $5.1 billion in the fourth quarter.

Mondello is optimistic going into the next quarter and beyond.

"We remain committed to complete our two-year capital return framework plan: achieve $3 per share in core EPS in fiscal 2019 and ultimately become the world's most technologically advanced manufacturing solutions company," he said.

In mid 2016, Jabil had about 140,000 employees. It cut about 400 jobs in 2016, 100 of which were in St. Petersburg, as part of a realignment.

Times wires were used in this report. Contact Malena Carollo at [email protected] or (727) 892-2249. Follow @malenacarollo on Twitter.

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