Jabil Circuit Shares Up 5% After Company Beats Earnings Expectations
Shares of Jabil Circuit Inc. rose 5% late Wednesday after the company reported adjusted fiscal third-quarter earnings and sales above expectations and predicted a "best fourth quarter" in its history in operating income. Jabil said it lost $26 million or 14 cents a share, in the quarter, versus an income of $5.8 million, or 3 cents a share, a year ago. Adjusted for one-time items, Jabil earned 31 cents a share, compared with 17 cents a share a year ago. Revenue rose to $4.5 billion in the quarter, from $4.3 billion a year ago. Analysts polled by FactSet had expected adjusted earnings of 29 cents a share on sales of $4.4 billion. The company guided for a net revenue of $4.7 billion to $5.1 billion for fiscal 2017 and GAAP per-share earnings between 13 cents and 48 cents for the year. The stock had ended the regular session down 0.7%.
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