Jabil Circuit Reported Earnings, Offered Upbeat Guidance and Outlook
Sshares of Jabil Circuit (NYSE: JBL) were trading higher in Thursday's after-hours trading after the company reported its second-quarter earnings. Although the company missed analyst revenue estimates and earnings per share estimates, it provided an upbeat outlook and estimated earnings higher than the consensus.
Jabil Circuit reported revenue of $3.6 billion, which fell 14 percent from the same time a year ago; analysts had expected $3.61 billion. Earnings per share was $0.10, analysts had expected $.11.
Jabil's three reporting segments delivered the following revenue results for the company's second fiscal quarter:
• Diversified Manufacturing Services: $1.6 billion.
• Enterprise & Infrastructure: $1.2 billion.
• High Velocity Systems: $0.8 billion.
The company provided an outlook and is expecting to see $3.5 billion to $3.7 billion in revenue and breakeven to a a loss of $0.20 per share on the bottom line. Potential restructuring expenses are also included in this guidance. Analysts had been expecting $3.68 billion and a profit of $0.18 per share.
The company is expecting a profit of $1.65 to $1.95 per share for the next fiscal year; analysts had expected $1.63 per share.
"We completed our second quarter largely as planned, with steady progress on finalizing our previously announced divestiture and winding down our relationship with our second largest customer," said Mark T. Mondello, Chief Executive Officer. "The steadfast dedication of our global workforce has contributed to our ongoing performance despite the challenges we have faced," he added.
Shares of the company are up 2.35 percent or $.43 to $18.69 per share.
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