Jabil Circuit Beats Q2 Estimates

Jabil Circuit Inc, JBL reported better-than-expected results for the second quarter. The St. Petersburg, Florida-based company reported quarterly net income attributable of $52 million, or $0.27 per share, versus a year-ago loss of $38.7 million, or $0.19 per share. The company's core earnings came in at $0.50 per share in the latest quarter. Its revenue surged to $4.31 billion from $3.58 billion. However, analysts were projecting earnings of $0.45 per share on revenue of $4.27 billion. Revenue for Electronics Manufacturing Services segment came in at $2.6 billion in the quarter, while Diversified Manufacturing Services segment revenue came in at $1.7 billion. U.S. GAAP operating income for the quarter was $124.9 million, while core operating income came in at $166.0 million in the same period. "I am extremely pleased with our strong operational performance during the quarter. We're having a great year, as we remain focused on our key priorities. Priorities being growth of earnings, delivering innovative solutions to our customers, taking great care of our employees, and expanding our broad-based capabilities," said Mark T. Mondello, Chief Executive Officer. For the third quarter, Jabil expects core earnings of $0.43 to $0.55 per share on revenue of $4.35 billion to $4.55 billion. Analysts had projected earnings of $0.47 per share on revenue of $4.43 billion. The company also projects manufacturing services revenue to increase 42% in the third quarter. Jabil projects full-year earnings of $1.85 to $2.15 per share on revenue of $17.5 billion to $18.5 billion. Jabil Circuit shares rose 0.22 percent to $22.70 in after-hours trading.