Electronics contract manufacturer Jabil (JBL) on Thursday beat Wall Street’s targets for its fiscal second quarter and guided greater for the present period. Jabil stock rose in early trading.

X

The St. Petersburg, Fla.-primarily based enterprise earned an adjusted $1.88 a share on sales of $eight.13 billion in the quarter ended Feb. 28. Analysts polled by FactSet had anticipated Jabil earnings of $1.85 a share on sales of $eight.09 billion. On a year-more than-year basis, Jabil earnings rose 12% whilst sales elevated eight%.

For the present quarter, Jabil forecast adjusted earnings of $1.90 a share on sales of $eight.two billion. That is primarily based on the midpoint of its guidance. Wall Street was modeling earnings of $1.89 a share on sales of $eight.14 billion.

“Our diversified portfolio permitted us to effectively navigate a extremely dynamic macro atmosphere and provide robust year-on-year economic final results,” Chief Executive Mark Mondello mentioned in a news release.

Jabil has two business enterprise segments: electronics manufacturing solutions and diversified manufacturing solutions. The electronics manufacturing unit tends to make gear for cloud computing, networking, information storage, industrial and other applications. The diversified manufacturing unit tends to make automotive, well being care, mobile and other devices.

Jabil Stock Is On Tech Leaders List

In premarket trading on the stock marketplace these days, Jabil stock climbed to .five% to 80.70.

On Oct. 28, Jabil stock hit a acquire point of 65.98 from a cup-with-manage base, according to IBD MarketSmith charts. It hit an all-time higher of 85.70 on March three.

Jabil stock ranks third out of 15 stocks in IBD’s electronics contract manufacturing business group, according to IBD Stock Checkup. It has an IBD Composite Rating of 96 out of 99. The Composite Rating scores a stock’s important development metrics against all other stocks regardless of business group.

Also, Jabil stock is on the IBD Tech Leaders list.

Electronics manufacturing services are center stage for a host of development trends ranging from the reshoring of production to the boom in electric cars.

The electronics contract manufacturing business group ranks No. 70 out of 197 business groups that IBD tracks.

Stick to Patrick Seitz on Twitter at @IBD_PSeitz for much more stories on customer technologies, computer software and semiconductor stocks.

YOU May well ALSO LIKE:

Microsoft Improves Position In Artificial Intelligence With GPT-four

Grocery Retailer Chain Kroger Joins Autonomous-Truck Convoy

Chipmaker Allegro MicroSystems Earns Higher Marks At Analyst Day

See Stocks On The List Of Leaders Close to A Acquire Point

Come across Winning Stocks With MarketSmith Pattern Recognition &amp Custom Screens