WASHINGTON (dpa-AFX) - Contract electronics manufacturer Jabil Circuit Inc. (JBL), Thursday reported an increase in profit for the first quarter, driven largely by growth in revenues. Jabil's earnings for the quarter trumped Wall Street estimates, while revenues were in line.
St. Petersburg, Florida-based Jabil's first-quarter profit rose to $131.9 million or $0.68 per share from $72.2 million or $0.37 per share a year ago.
Excluding one-time items, core earnings for the quarter rose to $164.9 million or $0.85 per share from $108.2 million or $0.55 per share last year. On average, 11 analysts polled by Thomson Reuters expected earnings of $0.80 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter rose 14 percent to $5.21 billion from $4.55 billion a year ago. Analysts had a consensus revenue estimate of $5.21 billion for the quarter.
'I am extremely pleased with our strong first quarter results which were driven by improved product diversification and exceptional productivity across both of our business segments,' said CEO Mark Mondello.
Looking forward to the second quarter, Jabil expects core earnings of $0.54 to $0.70 per share and revenues of $4.4 billion to $4.7 billion. Analysts currently expect earnings of $0.62 per share on revenues of $4.72 billion for the quarter.
For the full year 2016, Jabil now anticipates core earnings of around $2.65 per share, up from prior outlook of about $2.60 per share. Jabil continues expect revenues of about $20 billion for 2016. Analysts currently estimate earnings of $2.58 per share on revenues of $19.88 billion for 2016.
JBL closed Wednesday's trading at $23.91, down $0.06 or 0.25%, on the NYSE. The stock further rose $0.24 or 1.00% in the after-hours trade.
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