Jabil Up 8% In Pre-market On Better Than Estimated Results, Share Buyback

(RTTNews) - Shares of Jabil Inc. (JBL) were rising more than 8 percent in pre-market on Thursday to $122.50, after reporting better-than expected fourth-quarter results. The electronic manufacturing services and solutions provider also announced $1 billion share repurchase authorization.

The company posted net income of $138 million or $1.18 per share for the fourth quarter, lower than $155 million or $1.15 per share in the same quarter a year ago.

Excluding one-time items, core earnings were $270 million or $2.30 per share, that beat the consensus estimate of $2.22 per share.

Revenue for the quarter declined to $6.964 billion from $8.458 billion last year, but was better than the Street expectation of $6.59 billion.

Jabil stock had closed at $113.43, up 0.51 percent on Wednesday. It has traded in the range of $95.85 - $156.94 in the last 1 year.