Jabil Inc JBL shares are trading higher Tuesday after the company reported strong financial results and issued guidance above analyst estimates.
Jabil reported fiscal fourth-quarter revenue of $9 billion, which beat average analyst estimates of $8.39 billion, according to Benzinga Pro. The company reported quarterly earnings of $2.34 per share, which beat average analyst estimates of $2.14 per share.
Jabil said diversified manufacturing services grew 13% year-over-year, while electronics manufacturing services jumped 32%.
Jabil expects first-quarter revenue to be between $9 billion and $9.6 billion versus the estimate of $8.93 billion. The company expects first-quarter core earnings to be between $2 and $2.40 per share versus the estimate of $2.10 per share.
Jabil's board also authorized a buyback of up to $1 billion of its common stock to be purchased from time to time through fiscal year 2024.
Jabil provides comprehensive electronics design, production and product management services to companies in various industries and end markets.
JBL Price Action: Jabil has a 52-week high of $72.08 and a 52-week low of $48.80.
The stock was up 5% at $58.97 Monday morning, according to Benzinga Pro.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.