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Jabil misses on revenue, stock drops 5%

Jabil misses on revenue, stock drops 5%

Jabil Circuit on Wednesday reported fiscal third-quarter net income of $72.2 million, after reporting a loss in the same period a year earlier. On a per-share basis, the St Petersburg, Florida-based company said it had net income of 37 cents. Earnings, adjusted for one-time gains and costs, came to 49 cents per share.

The results met Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was also for earnings of 49 cents per share. Shares of the company were down about 5 percent in extended trading. The electronics manufacturer posted revenue of $4.36 billion in the period, which fell short of Street forecasts. Five analysts surveyed by Zacks expected $4.46 billion.

For the current quarter ending in August, Jabil expects its per-share earnings to range from 40 cents to 50 cents. The company said it expects revenue in the range of $4.45 billion to $4.65 billion for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $4.76 billion.

Jabil expects full-year earnings in the range of $1.95 to $2.05 per share, with revenue ranging from $17.7 billion to $17.9 billion.¬†Jabil shares have risen 11 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen 2 percent. In the final minutes of trading on Wednesday, shares hit $24.28, an increase of 22 percent in the last 12 months.

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