Jabil Circuit Up 5% On Earnings Report

Jabil Circuit, Inc. JBL shares are jumping more than 5% this morning after the company reported earnings last night that beat Wall Street estimates. The St. Petersburg-based company reported earnings of 47 cents per share on $4.23 billion, jumping 22% from last year. Excluding items, Jabil Circuit reported 57 cents per share, beating analysts' estimates by a penny. Revenues came in about $80 million higher than forecasts. Despite the earnings beat, Jabil said it expects earnings for next quarter to be below Wall Street estimates. Management expects earnings of 52-60 cents per share on revenues of $4.1 to $4.3 billion. Wall Street expects earnings of 60 cents per share on $4.29 billion. The company also announced it would be buying back $200 million of its own stock. At last check, shares of Jabil Circuit were up $1.05 to $19.90, a gain of 5.57%‎ in early Wednesday trading.