logo-loader

Jabil sees strong revenue growth in its third quarter, announces US$350mln stock buyback

Last updated: 16:41 14 Jun 2018 EDT, First published: 16:32 14 Jun 2018 EDT

Circuit
The company forecast fourth-quarter earnings between US$0.56 and US$0.80 versus estimates of US$0.70.

Jabil Inc (NYSE:JBL) announced its fiscal third-quarter results, reporting strong revenue growth and stock buyback for its shareholders.

The electronic manufacturing company reported earnings of US$0.46 per share on revenue of US$5.4bn compared with US$0.31 on revenue of US$4.4bn in the previous year’s third quarter.

The Florida-based company beat Wall Street estimates of US$0.45 EPS on revenue of $4.92bn.

“Our team achieved a strong third quarter characterized by solid revenue growth and core margin expansion, year-on-year, while navigating a challenging components market,” said CEO Mark Mondello in a press release.

The company forecast fourth-quarter earnings to be between US$0.56 and US$0.80, falling below consensus estimates of US$0.70. Revenue is expected to be between US$5.2bn and US$5.6bn, beating analyst estimates of US$5.21bn.

Its board of directors has authorized a US$350mln share repurchase, expiring on August 31, 2019.

Shares of the tech company were up more than 2.5% to US$30.50 in Thursday after-hours trading.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

4 hours, 56 minutes ago