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Jabil Circuit 1Q earnings rise 6 percent

Tue, 12/20/2011 - 2:05pm
The Associated Press

Electronic parts maker Jabil Circuit Inc. said Tuesday that its fiscal first-quarter net income rose 6 percent as sales improved in most of its business units, but the company's revenue missed Wall Street expectations.

The St. Petersburg, Fla.-based company reported net income of $112.9 million, or 54 cents per share, for the quarter that ended Nov. 30. That was up from $106.7 million, or 49 cents per share, during the same period a year ago.

Revenue rose 4.9 percent to $4.3 billion. Analysts surveyed by FactSet expected revenue of $4.41 billion.

Core earnings, which exclude stock-based compensation and other items, were 65 cents per share. That matched what analysts survey by FactSet had expected.

Jabil said selling, general, and administrative expenses rose 10.8 percent to $157.8 million.

Revenue in Jabil's diversified manufacturing services business rose 30 percent.

For the current quarter, the company expects revenue to rise 4 percent to between $4 billion and $4.2 billion, with earnings per share of 41 cents to 51 cents. It expects adjusted earnings per share of 52 cents to 62 cents. Analysts were expecting 59 cents per share on revenue of $4.2 billion.

Jabil shares fell 4 percent, or 80 cents, to $19.15 in after-hours trading.

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