ST. PETERSBURG, Fla. (AP) — Electronics parts maker Jabil Circuit Inc. reported a strong profit for the fiscal first quarter on Monday, and predicted higher-than-expected second-quarter earnings as well.
Jabil shares jumped 77 cents, or 5.2 percent, to $15.78 in after-hours trading.
For the quarter that ended Nov. 30, Jabil said preliminary results show it earned $28.3 million, or 13 cents per share, compared with a loss of $275.9 million, or $1.34 per share, in the year-ago quarter, which had included a hefty impairment charge.
When excluding certain items, the company earned 32 cents per share in the latest period — topping the 29 cents that analysts polled by Thomson Reuters had expected.
Revenue fell 9 percent to $3.1 billion, matching analyst estimates.
In a statement, Jabil CEO Timothy Main said the company has a solid new business pipeline and “stable to improving” business environment.
For the second quarter, Jabil forecast adjusted earnings of 20 cents to 42 cents per share and revenue of $2.9 billion to $3.1 billion. The projection easily beats the 19 cents per share and $2.9 billion in revenue expected by analysts, on average.