Jabil Circuit Q2 Profit Beats Street

(RTTNews) - Jabil Circuit Inc. (JBL) Thursday said its earnings for the second quarter surged from a year ago and trumped Wall Street estimates, driven largely by revenue growth. The company also detailed a strong outlook for the third quarter.

St. Petersburg, Florida-based Jabil Circuit's second-quarter profit rose to $67.35 million or $0.43 per share from $37.31 million or $0.21 per share last year.

On an adjusted basis, earnings were $0.64 per share, down from $0.66 per share last year. Analysts polled by Thomson Reuters had expected earnings of $0.61 per share for the quarter. Analysts' estimates typically exclude special items.

Jabil Circuit's second-quarter revenues grew to $6.07 billion from $5.30 billion last year. Analysts had a consensus revenue estimate of $6.10 billion for the quarter.

"I'm extremely pleased with our outstanding second quarter results, which further demonstrate the success of our diversification strategy," said CEO Mark Mondello.

"Quite simply, our approach is working, both in terms of our strategy and operational excellence. This is well-illustrated by our performance in the first half of the fiscal year," he added.

Looking forward to the third quarter, Jabil expects adjusted earnings of $0.47 to $0.67 per share and revenues of $5.7 billion to $6.3 billion. Analysts currently estimate earnings of $0.57 per share and revenues of $5.97 billion.

JBL closed Thursday's trading at $27.41, down $0.25 or 0.90%, on the NYSE. The stock, however, gained $0.19 or 0.69% in the after-hours trade.