UPDATE: Jabil Posts Upbeat FQ1 Results

Jabil Circuit

reported a 6.2% drop in its fiscal first-quarter earnings. For the current quarter, Jabil projects core earnings of $0.50 to $0.58 per share on revenue of $4.3 billion to $4.5 billion. However, analysts were expecting a profit of $0.59 per share on revenue of $4.38 billion. Jabil's quarterly profit fell to $105.8 million, or $0.51 per share, from $112.9 million, or $0.54 per share, in the year-ago period. Excluding one-time items, its core earnings came in at $0.61 per share. Its revenue climbed 7.2% to $4.64 billion. The company in September had expected core earnings of $0.51 to $0.62 per share on revenue of $4.3 billion to $4.5 billion. Its gross margin declined to 7.6% from 7.9%. Jabil shares gained 5.55% to $19.60 in after-hours trading.