1. Business

St. Petersburg's Jabil beats Wall Street estimates for earnings, revenue

Jabil closed its fiscal year with better-than-expected quarterly earnings and revenue, the St. Petersburg-based contract electronics manufacturer reported Wednesday after the market closed.

For the quarter ended Aug. 31, Jabil reported net earnings of 28 cents a share, down from 53 cents a year ago but 3 cents above Wall Street projections. Quarterly revenue reached $4.4 billion, down from $4.7 billion in the year-ago quarter but beating estimates just under $4.3 billion.

It closed its fiscal year with record net revenue of $18.4 billion, up from $17.9 billion a year ago.

Looking ahead, Jabil forecast first-quarter earnings in the range of 54 cents to 74 cents per share and revenue between $4.8 billion and $5 billion.

"Our fiscal 2016 was characterized by a blend of exceptional performance, significant variability, excellent cost control and wonderful customer care," CEO Mark Mondello said in a statement.

The company also indicated it will record about $195 million in charges over a two-year period as part of a realignment and downsizing. Jabil is cutting about 400 jobs globally, including 100 in St. Petersburg, as part of the realignment.