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Jabil Circuit posts $28.8 million third-quarter loss

Jabil Circuit lost $28.8 million in the third quarter that ended May 31, a wide swing from the $38.4 million in profits from the same quarter a year ago.

The St. Petersburg electronic components maker said revenue came in at $2.6 billion, down from last year's $3.1 billion. The loss, which the company blamed on restructuring and other costs, amounted to 14 cents per share.

"Although the global economy remains in a recession, we see genuine stabilization across most of our end-markets," president and chief executive Tim Main said in a statement.

Jabil hedged its bets about the prospects of profitability later this year. For the fourth quarter, the company forecasts a loss of 9 cents to a profit of 1 cent per share. Jabil's stock closed up 51 cents to end Tuesday at $7.12.

Jabil Circuit posts $28.8 million third-quarter loss 06/23/09 [Last modified: Tuesday, June 23, 2009 8:01pm]
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