American manufacturer Jabil Inc. has upgraded its earnings outlook for the fiscal year 2022 after double-digit growth in its income in the first three months of the year.
Chairman and Chief Executive Mark Modello said the company now expects a fiscal-year 2022 revenue of around $32.8 billion and earnings per share of $7.45, up from $32.6 billion and $7.25 it earlier announced.
Third-quarter net revenue climbed to $8.328 billion from $7.215 billion in the same quarter of last year, while the gross profit increased to $619 million from $568 million.
Net income attributable to Jabil for the quarter increased to $218 million from $169 million, and diluted earnings per share jumped to $1.52 from $1.12. Nine-month net income jumped to $681 million from $521 million.
Jabil expects the fourth quarter of the fiscal year 2022 to range between $8.1 billion and $8.7 billion, core operating income between $390 million and $450 million, and core diluted earnings per share between $1.94 and $2.34.
Mondello cited solid demand in key areas of the business to drive the business higher moving forward.