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Jabil shares rise after company swings to profit

Shares of Jabil Inc. JBL, +0.27% rose greater than five% past due Thursday because the electronics producer reported fiscal third-quarter income above Wall Street expectations and referred to as for an eight% increase in earnings for the fiscal fourth quarter. Jabil said it earned $42.five million, or 25 cents a proportion, within the quarter, versus a loss of $25.3 million, or 14 cents a proportion, within the year-ago length. Adjusted for one-time losses, the corporate earned 46 cents a proportion, when compared with 31 cents a proportion a year ago. Revenue rose to $five.four billion, from $four.five billion a year ago. Analysts polled by FactSet had expected adjusted income of 45 cents a proportion on sales of $four.nine billion. For the fiscal fourth quarter, the corporate said it expects earnings between $five.2 billion and $five.6 billion, and altered EPS between 56 cents and 80 cents. Jabil also said its board of directors had approved a $350 million proportion buyback program. Shares had ended the regular buying and selling day up 0.3%.