Jabil Circuit Beats Q4 Expectations, Shares Surge

Shares of

surged over 8 percent in after-hours trading after the company reported better-than-expected results for its fiscal fourth quarter and issued a strong forecast for the current quarter. The St. Petersburg, Florida-based company reported quarterly net income of $87.7 million, or $0.45 per share, compared to a year-ago loss of $26.2 million, or $0.13 per share. Its core earnings climbed to $0.53 per share from $0.05 per share. Its net revenue gained to $4.7 billion from $4.1 billion. However, analysts were expecting earnings of $0.45 per share on revenue of $4.55 billion. The average estimate among 9 Estimize users was for earnings of $0.46 per share and revenue of $4.54 billion. Revenue from its Diversified Manufacturing Services segment came in at $1.9 billion for the quarter, while revenue from its Electronics Manufacturing Services segment totaled $2.8 billion. Its operating income surged to $150.4 million from $46.6 million. "Our team is positioned for another solid year in fiscal 2016," said Mark T. Mondello, Chief Executive Officer. "Jabil's strong first quarter guidance can be directly attributed to the commitment of our employees, the exceptional brands we serve and a focused pursuit of our growth strategy." Jabil Circuit expects Q1 core earnings of $0.72 to $0.88 per share, on revenue of $5.1 billion to $5.3 billion. Analysts projected earnings of $0.61 per share on revenue of $4.91 billion. Jabil Circuit shares gained 8.46 percent to $21.15 in the after-hours trading session.