Why Jabil Stock Soared on Wednesday
This Wednesday was eventful for investors in Jabil (NYSE: JBL). Following a strong earnings report, the electronics design and manufacturing veteran's shares opened the morning session 12% higher. The stock cooled down a bit during the day, stopping at a 7.3% gain by the closing bell.
Jabil's first-quarter revenues fell 17% year over year, landing at $6.99 billion. The adjusted bottom-line metric of core earnings fell 23% to $2 per diluted share. That may sound like a weak performance, but Wall Street had expected worse. Your average analyst would have settled for adjusted earnings near $1.88 per share on sales in the neighborhood of $6.61 billion.
Of course, Jabil sold its mobility division to Chinese mobile devices maker BYD Electronic a year ago. This report will be the last period of difficult year-over-year comparisons, as the BYD Electronic deal reduced Jabil's quarterly revenues by approximately 5%.
Source Fool.com
BYD Co. Ltd Stock
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