Jabil Inc. (NYSE:JBL) posted better-than-expected third-quarter results on Thursday.
Jabil reported third-quarter fiscal 2024 revenue of $6.77 billion, down by 20.2% year-on-year, beating the analyst consensus estimate of $6.53 billion. The print manufacturing company's adjusted EPS of $1.89 beat the analyst consensus of $1.85, according to data from Benzinga Pro.
"It's clear that Jabil has navigated a period of significant transformation this fiscal year: a year in which we divested our Mobility business, captured growth in the AI datacenter space, and experienced softness across multiple end-markets," said CEO Mike Dastoor.
Jabil said it expects fourth-quarter revenue of $6.3 billion – $6.9 billion (consensus: $6.8 billion) and adjusted EPS to $2.03 – $2.43 (consensus: $2.22).
The company also reiterated FY24 revenue guidance of $28.5 billion (vs. consensus: $28.49 billion) and core EPS of $8.40 (vs. estimate of $8.37).
Jabil shares dipped 11.4% to close at $111.79 on Thursday.
These analysts made changes to their price targets on Jabil after the company reported quarterly results.
- UBS cut the price target on Jabil from $130 to $120. UBS analyst David Vogt maintained a Neutral rating.
- JP Morgan lowered Jabil price target from $145 to $137. JP Morgan analyst Samik Chatterjee maintained an Overweight rating.
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