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Jabil Circuit fiscal 1Q earnings more than triples

Mon, 12/20/2010 - 2:06pm
The Associated Press

Jabil Circuit Inc., which makes parts for electronics and other technology companies, said Monday its fiscal first-quarter net income more than tripled on stronger revenue.

Jabil also issued higher-than-expected guidance for the current quarter, and its shares rose in after-hours trading.

For September through November, Jabil said its net income soared to $106.7 million, or 49 cents per share, from $28.3 million, or 13 cents per share in the same period last year.

Excluding stock option expenses, restructuring charges and other items, Jabil earned 61 cents per share. That's more than the 54 cents per share analysts were expecting, according to a Thomson Reuters poll.

Revenue climbed 32 percent to $4.08 billion from $3.09 billion in the year-ago quarter. Analysts had forecast revenue of $3.96 billion for the latest quarter.

For the current quarter — the fiscal second quarter for Jabil — the company said it expects to earn 49 cents to 53 cents per share excluding items on $3.85 billion to $3.95 billion in revenue.

That's stronger than Wall Street is currently expecting. Analysts forecast second-quarter earnings of 44 cents per share on $3.7 billion in revenue.

Shares of Jabil Circuit rose 73 cents, or 4 percent, to $18.39 in after-hours trading after the report was released. Earlier, the stock added 19 cents to close at $17.66.

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