Jabil (JBL) rises on strong profit forecast

Jabil (NYSE: JBL) shares rose 3.5% in early Thursday trade after the provider of healthcare manufacturing solutions reported a stronger-than-expected profit forecast for this quarter.

Jabil provides guidance for Q1 2024 with an EPS range of $2.40 to $2.80, compared to the consensus forecast of $2.33. The company also anticipates Q1 2024 revenue in the range of $8.4 billion to $9 billion, missing the consensus estimate of $9.18 billion.

For FQ4, Jabil reported an EPS of $2.45, which surpasses the analyst estimate of $2.32. The revenue for the quarter amounted to $8.5 billion, slightly below the consensus estimate of $8.54 billion.

“The team delivered yet another solid year and I’m pleased with the progress we’ve made relative to our financial objectives,” said CEO Kenny Wilson. “As we move into the new fiscal year, I feel strongly that we have the right team, capabilities, and diversified portfolio to support good momentum into FY24 and beyond.”

Jabil also said that its Board of Directors made amendments to the existing share repurchase program, which had approximately $776 million outstanding as of August 31. The amendment increases the authorization for the repurchase of common stock to a total of up to $2.5 billion.

By Senad Karaahmetovic

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