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18.03.2015 22:47:47

Jabil Profit Tops Estimates, Details Strong Q3

(RTTNews) - Jabil Circuit Inc (JBL) on Wednesday said it returned to a profit for the second quarter, driven by a 20 percent jump in revenues and lower restructuring charges, with results topping Wall Street estimates.

The contract electronics manufacturer provided a strong outlook for the third quarter, while reaffirming its expectations for full year 2015.

Jabil shares initially gained 4 percent in after-hours trade on the New York Stock Exchange, but later dropped more than 3 percent.

"I am extremely pleased with our strong operational performance during the quarter...We continue to have success in diversifying our business, which I believe will increase our resiliency," said CEO Mark Mondello.

Jabil, based in St. Petersburg, Florida, posted second-quarter net earnings of $52 million or $0.27 per share, compared with a loss of $38.7 million or $0.19 per share last year.

Results for the quarter included restructuring charges of $20.2 million, compared with $27.9 million last year.

Excluding items, core earnings for the quarter were $0.50 per share compared with earnings of $0.10 per share a year ago. On average, 11 analysts polled by Thomson Reuters estimated earnings of $0.45 per share for the quarter. Analysts' estimates typically exclude special items.

Jabil's revenue for the second quarter climbed to $4.31 billion from $3.58 billion in the prior year. Nine analysts had a consensus revenue estimate of $4.27 billion for the quarter.

Jabil's customers include Apple Inc, Cisco Systems Inc and Hewlett-Packard Co, and its fortune is tied to the momentum in the tech industry.

For the third quarter, Jabil projects core earnings of $0.43 to $0.55 per share on revenues of $4.35 billion to $4.55 billion. Analysts currently expect earnings of $0.47 per share on revenues of $4.43 billion for the quarter.

For the full year 2015, the company still expects core earnings of $1.85 to $2.15 per share on revenues of $17.5 billion to $18.5 billion. Analysts expect earnings of $2.03 per share on revenues of $18.01 billion for the year.

JBL closed Wednesday at $22.65, up $0.01 or 0.04%, on a volume of 2.9 million shares on the NYSE. In after hours, the stock dropped $0.50 or 2.21%.

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