Jabil Circuit, Inc. (NYSE: JBL) earned $0.55 per share on $4.55 billion in its first quarter results that were reported on Wednesday.
In a note to clients following the results, Sherri Scribner of Deutsche Bank commented that the company's results were “strong.”
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The analyst expects the company to earn $1.69 per share in fiscal 2015 and applies a 13x multiple, resulting in a new $22 price target which was raised from a previous $20. Shares were maintained with a Hold rating.
“Strong results were driven by upside in the Diversified Manufacturing (DM) segment, which significantly beat guidance, while the Electronics Manufacturing (EM) segment was in-line,” Scribner wrote in a note. The analyst adds that the company's Green Point business came in stronger than expected with a large portion of upside likely coming from Apple, its largest customer.
In addition to first quarter results, the company said it expects to earn $0.39 to $0.50 per share in the second quarter on revenue of $4.15 billion to $4.35 billion. For the full fiscal year, the company expects to earn $1.85 to $2.15 per share on revenue of $17.5 billion to $18.5 billion.
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