Jabil Circuit cites strength in tough economy
St. Petersburg's Jabil Circuit, an electronics manufacturer and one of Tampa Bay's top local corporations, issued a release Friday projecting results for the current quarter that roughly match analyst estimates, reassuring investors. Jabil said its revenues would range from $3.4-billion to $3.6-billion in the first fiscal quarter, which ends in November, and said it would earn 30 to 38 cents per share, excluding 10 cents per share in amortization of intangibles and the cost of stock-based compensation.
All well and good. But what caught my eye was Jabil CEO Tim Main's smart decision to offer some comments on the precarious state of the economy and, presumably, Wall Street's pending bailout as well as a reassurance that Jabil is not currently vulnerable to tightening credit conditions. Here's Main: “The ramifications of the financial market conditions on the overall global economy are difficult to predict. Jabil has diversified its business over a wide range of sectors and we believe this affords us some resilience in a downturn." And here's Main on uncertainty in the financial markets: “We have significant liquidity relative to our capital requirements over the next twelve months. In total, we have over $1.5-billion in available cash and credit facilities.”
-- Robert Trigaux, Times Business Columnist