Jabil Circuit posts higher fiscal 2nd-qtr profit

ST. PETERSBURG, Fla. (AP) ? Electronic parts maker Jabil Circuit Inc. said Tuesday that its fiscal second-quarter net income jumped 76 percent as sales improved, particularly in the electronic parts maker’s diversified manufacturing services segment.

The company reported net income of $97.7 million, or 46 cents a share, for the three months ended Feb. 29. That compares with net income of $55.4 million, or 25 cents a share, in the comparable prior-year period.

Core earnings, which exclude stock-based compensation and other items, amounted to 58 cents a share.

On that basis, Jabil’s earnings matched analysts’ consensus forecast, according to FactSet.

Quarterly revenue grew about 8 percent to $4.2 billion, up from $3.9 billion. Analysts were looking for $4.14 billion.

Jabil revenue from its diversified manufacturing services unit posted an annual increase of 33 percent, and accounted for 44 percent of total revenue in the quarter.

The company’s high velocity business made up 27 percent of total revenue, while its enterprise and infrastructure segment accounted for 29 percent of the quarter’s revenue.

President and CEO Timothy L. Main said he believes that the company will outpace “the lackluster global economic conditions in the second half of our fiscal year.”

For the current quarter, the company expects revenue to rise 2 percent to between $4.2 billion and $4.4 billion, with earnings per share of 49 cents to 59 cents. It expects adjusted earnings per share of 60 cents to 70 cents. Analysts were expecting 65 cents per share on revenue of $4.39 billion.

Jabil shares ended the regular session down 64 cents, or 2.4 percent, at $26.49. The stock slipped another 56 cents, or 2.1 percent, to $25.93 in extended trading. The shares have risen more than 50 percent in the past six months, including a 35 percent gain this year.