Jabil Circuit's Stock Surges After Profit, Sales Beat

Share of Jabil Circuit jumped 7.8% in after-hours trade Wednesday, after the electronics contract manufacturer reported better-than-expected fiscal first-quarter profit and sales, and provided an upbeat current-quarter outlook. For the quarter ended Nov. 30, net income fell to $72.2 million, or 37 cents a share, from $117.9 million, or 57 cents a share, in the year-earlier period. Adjusted for non-recurring items, earnings per share were 55 cents, well above the FactSet consensus analyst estimate of 47 cents. Sales rose 5% to $4.55 billion, topping analyst forecasts of $4.33 billion, helped by strong demand in its diversified manufacturing services business. For the current quarter, the company expects core per-share earnings of 39 cents to 50 cents and revenue of $4.15 billion to $4.35 billion, compared with analyst forecasts of 38 cents and $4.1 billion, respectively. Through Wednesday's close, the stock had gained 15% this year, while the S&P 500 gained 8.9%.