Jabil Circuit's revenue slumped as anticipated in its third quarter, but profits more than tripled thanks to a $238.5 million gain from selling discontinued operations, namely its after-market services business.
An electronics manufacturer at its core, the St. Petersburg company has increasingly broadened into areas like health care and consumer packaging.
Net revenue for the fiscal quarter ended May 31 fell almost 10 percent, from $4.2 billion to $3.8 billion. Net income rose 276 percent, from $50 million, or 24 cents per share, to $188 million, or 93 cents per share.
The results beat expectations. Analysts had expected the company to post earnings of 9 cents a share on $3.6 billion in revenue.
Jabil released its report after the close of market Wednesday. Jabil stock closed at $20.10, up 13 cents a share and was trending up further in after-hours trading.