Tuesday, November 21, 2017
Business

Jabil Circuit tops Wall Street expectations for revenue, profits

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ST. PETERSBURG — Jabil Circuit beat Wall Street targets for both profits and revenue in posting fiscal second-quarter results late Wednesday.

The St. Petersburg-based contract electronics manufacturer, one of Tampa Bay's biggest public companies, reported net income of $20.7 million, or 11 cents a share.

Adjusted for one-time gains and costs, its earnings totaled 48 cents a share, down from 57 cents a year ago, beating analysts' estimates of 45 cents, according to Zacks Investment Research.

Its quarterly revenue of $4.45 billion was up 1 percent from the year-ago period and also topped Zacks' forecast of $4.36 billion.

"The performance of our team during the second quarter was exceptional with nearly all of our businesses delivering at or above plan," CEO Mark Mondello said in a statement. He said the results showed an effective strategy to increase both the quality and diversification of cash flow and earnings.

Mondello stressed that the company has a goal "of becoming the world's most advanced manufacturing solutions company."

As a maker of everything from iPhone casings for Apple to health care packaging, Jabil employs about 150,000 people worldwide, with only a fraction of them (about 7,000) in the United States. It has about 2,000 employees in its St. Peterburg headquarters.

For the current quarter ending in June, Jabil expects its per-share earnings to range from 19 cents to 39 cents, with revenue in the range of $4.25 billion to $4.55 billion.

Earnings were released after the close of market. Earlier, Jabil shares peaked at a 52-week high and closed at $26.98, up 1 percent. Shares sagged more than 3 percent in after-market trading late Wednesday.

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