Jabil Circuit rises to fiscal 1Q profit from loss

AP News
Posted: Dec 21, 2009 5:01 PM

Electronics parts maker Jabil Circuit Inc. reported a strong profit for the fiscal first quarter on Monday, and predicted higher-than-expected second-quarter earnings as well.

Jabil shares jumped 77 cents, or 5.2 percent, to $15.78 in after-hours trading.

For the quarter that ended Nov. 30, Jabil said preliminary results show it earned $28.3 million, or 13 cents per share, compared with a loss of $275.9 million, or $1.34 per share, in the year-ago quarter, which had included a hefty impairment charge.

When excluding certain items, the company earned 32 cents per share in the latest period _ topping the 29 cents that analysts polled by Thomson Reuters had expected.

Revenue fell 9 percent to $3.1 billion, matching analyst estimates.

In a statement, Jabil CEO Timothy Main said the company has a solid new business pipeline and "stable to improving" business environment.

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For the second quarter, Jabil forecast adjusted earnings of 20 cents to 42 cents per share and revenue of $2.9 billion to $3.1 billion. The projection easily beats the 19 cents per share and $2.9 billion in revenue expected by analysts, on average.