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Jabil Circuit profit almost doubles

ST. PETERSBURG — Electronic parts maker Jabil Circuit Inc. said Tuesday its net income nearly doubled on strong sales growth across its divisions and lower expenses, and issued an earnings outlook that topped expectations.

The St. Petersburg company reported net income of $114.3 million, or 52 cents per share, for the quarter that ended Aug. 31. That was up from $58.7 million, or 27 cents per share, during the same period a year earlier. Revenue rose 10.9 percent, to $4.28 billion, from $3.86 billion a year earlier.

Jabil said its core earnings, excluding stock-based compensation and other items, were 62 cents per share. Analysts surveyed by FactSet had expected core earnings of 56 cents per share on revenue of $4.42 billion.

"Jabil achieved growth through a combination of market share gains, new customer wins and new production from its existing customer base," the company said in a news release.

It also said selling, general and administrative expenses fell 5.2 percent, to $152.2 million.

For the full year, net income more than doubled to almost $383 million, or $1.73 per share, from $170.8 million, or 78 cents per share, a year earlier. Revenue rose 23.2 percent, to $16.52 billion, from $13.41 billion in the previous year.

The company said full-year revenue in its diversified manufacturing services business rose 43 percent

Jabil said it expects revenue for the first quarter of its fiscal 2012 year to rise 8 percent, to $4.3 billion to $4.5 billion, with earnings per share of 52 cents to 60 cents. It expects adjusted earnings per share of 62 cents to 70 cents. Analysts were expecting 61 cents per share on revenue of $4.42 billion.

Jabil Circuit profit almost doubles 09/27/11 [Last modified: Tuesday, September 27, 2011 10:49pm]

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