WASHINGTON (dpa-AFX) - Jabil Circuit Inc. (JBL), Wednesday reported a drop in profit for the fourth quarter, however, the contract electronics manufacturer earnings and revenues trumped Wall Street estimates. Shares of the company slipped 5 percent in the extended trading session.
St. Petersburg, Florida-based Jabil's fourth-quarter profit dropped to $38.1 million or $0.20 per share from $87.7 million or $0.45 per share last year.
Excluding one-time items, core earnings for the quarter declined to $52.9 million or $0.28 per share from $103.2 million or $0.53 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.25 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter dropped to $4.43 billion from $4.68 billion a year ago. Analysts had a consensus revenue estimate of $4.27 billion for the quarter.
'Our fiscal 2016 was characterized by a blend of exceptional performance, significant variability, excellent cost control and wonderful customer care,' said CEO Mark Mondello.
'In fiscal 2017, we'll continue to deliver upon our recently communicated capital return framework, ensure our global operations are efficiently managed to support our customers and continue to aggressively grow key areas of our business,' added Mondello.
Looking forward to the first-quarter, Jabil expects adjusted earnings of $0.54 to $0.74 per share and revenues of $4.8 billion to $5.0 billion. Analysts currently estimate earnings of $0.60 per share on revenues of $4.84 billion.
Further, Jabil said it will realign its global capacity and administrative support infrastructure in order to 'optimize organizational effectiveness in a more moderate growth environment.' The company expects total charges of realignment to be about $195 million over a two year period.
JBL closed Wednesday's trading at $23.73, up $0.57 or 2.46%, on the NYSE. The stock, however, slipped $1.18 or 4.97% in the after-hours trade.
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