Shares of Jabil Inc.
surged 3.8% toward a two-decade high in premarket trading Tuesday, after the contract manufacturer reported fiscal second-quarter profit and revenue that beat expectations and raised its full-year outlook, citing broad end-market strength, a more favorable product mix and “excellent” operational execution. The company swung to net income for the quarter to Feb. 28 of $151.7 million, or 99 cents a share, from a loss of $3.3 million, or 2 cents a share, in the year-ago period. Excluding nonrecurring items, core earnings per share came to $1.27, beating the FactSet consensus of 95 cents. Revenue grew 11.5% to $6.83 billion, above the FactSet consensus of $6.57 billion, as diversified manufacturing services revenue rose 26% while electronic manufacturing services revenue fell 1%. For 2021, the company raised its revenue outlook to $28.5 billion from $27.5 billion and its core EPS guidance to about $5.00 from $4.60. Jabil’s stock, which has soared 16.1% amid a 7-day win streak through Monday, is on track to open at the highest price seen during regular-session hours since November 2000. It has soared 125.5% over the past 12 months while the S&P 500
has climbed 66.3%.