Jabil Inc (NYSE:JBL) stock rose 0.096% (As on June 16, 11:25:16 AM UTC-4, Source: Google Finance) after the company posted higher than expected results for the third quarter of FY 23. Solid execution in a dynamic operating environment, diverse end-market portfolio and healthy demand for the company’s unique engineering, manufacturing and supply-chain solution led to the year-over-year top-line expansion. Non-GAAP net income in the reported quarter was $269 million compared with $246 million in the prior-year quarter. For the first nine months of fiscal 2023, Jabil generated $1,048 million of net cash from operating activities compared with $745 million in the prior-year period. Non-GAAP operating income aggregated $404 million compared with $352 million in the year-ago period, primarily driven by top-line growth. As of May 31, 2023, the company had $1,480 million in cash and cash equivalents, with $2,874 million of notes payable and long-term debt. For the first nine months of fiscal 2023, Jabil generated $1,048 million of net cash from operating activities compared with $745 million in the prior-year period. As of May 31, 2023, the company had $1,480 million in cash and cash equivalents, with $2,874 million of notes payable and long-term debt.

JBL in the third quarter of FY 23 has reported the adjusted earnings per share of $1.99, beating the analysts’ estimates for the adjusted earnings per share of $1.88, according to the Zacks Consensus Estimate. The company had reported  the adjusted revenue to $8.48 billion in the third quarter of FY 23, beating the analysts’ estimates for revenue of $8.17 billion. Backed by a robust comprehensive product portfolio, a global connected factory network and positive demand trends led to the year-over-year improvement in net sales. Net sales from Diversified Manufacturing Services rose 13% year over year. However, Electronics Manufacturing Services were down 8% compared to the prior-year quarter. Gross profit stood at $697 million compared with $619 million in the prior-year quarter.

For fourth-quarter fiscal 2023, revenues are expected to be in the range of $8.2-$8.8 billion. Non-GAAP operating income is projected in the $424-$484 million range. Management estimates non-GAAP earnings per share within the band of $2.14-$2.50.

The company anticipates that the healthy momentum will likely persist in the upcoming quarters, driven by its solid execution. For fiscal 2023, Jabil raised its revenue expectation to $34.7 billion from $34.5 billion, with $8.5 in core earnings per share.