Jabil Circuit Puts Up Mixed Results (JBL, CLS, SANM, FLEX)

Before you go, we thought you'd like these...
Before you go close icon

Jabil Circuit Inc. (NYSE: JBL) reported fiscal fourth quarter 2012 adjusted earnings per share (EPS) of $0.54 on revenue of $4.3 billion. In the same period a year ago, the electronics manufacturing company reported adjusted EPS of $0.62 on revenue of $4.3 billion. Fourth-quarter results compare to the Thomson Reuters consensus estimates for EPS of $0.58 and $4.22 billion in revenue.

For the 2012 fiscal year, the company reported adjusted EPS of $2.40 on revenue of $17.2 billion. Results for fiscal year 2011 included EPS of $2.34 on revenue of $16.5 billion. The consensus estimates called for EPS of $2.45 on revenue of $17.04 billion.

The company's president/CEO said:

In this environment, posting another record fiscal year in revenue, income and earnings was quite an achievement. … Excluding amortization of intangibles, stock-based compensation and distressed customer charges, operating income was $175 million. GAAP diluted earnings per share was $0.39 cents and core diluted earnings per share was $0.54 cents.

The company also offered first quarter 2013 guidance. The company expects revenue of $4.3 to $4.5 billion and adjusted EPS of $0.51 to $0.62. The consensus estimate had called for EPS of $0.67 on revenue of $4.52 billion.

Jabil's competitors, Celestica Inc. (NYSE: CLS), Sanmina-SCI Corp. (NASDAQ: SANM), and Flextronics International Ltd. (NASDAQ: FLEX), are also struggling with slowdowns in circuit board manufacturing due to slowing demand for desktop PCs, and in Celestica's case, disappearing demand for Blackberry smartphones.

Jabil's board has authorized a share repurchase plan of up to $100 million for the next twelve months to help "minimize the dilution from the company's employee equity issuance."

Jabil's shares are down about 3.2% in after-hours trading, at $20.30, after closing today at $20.97. The 52-week range is $15.65 to $27.40. Thomson Reuters had a consensus analyst price target of $26.15 before today's report.

Paul Ausick


Filed under: 24/7 Wall St. Wire, Earnings, Technology Companies Tagged: CLS, FLEX, JBL, SANM
Read Full Story

Markets

S&P 500 2,271.31 7.62 0.34%
DJIA 19,827.25 94.85 0.48%
NASDAQ 5,555.33 15.25 0.28%
DAX 11,591.17 -38.96 -0.34%
HANG SENG 22,898.52 12.61 0.06%
NIKKEI 225 18,891.03 -246.88 -1.29%
USD (per EUR) 1.07 0.00 0.19%
USD (per CHF) 1.00 0.00 -0.20%
JPY (per USD) 113.67 -0.13 -0.12%
GBP (per USD) 1.24 0.01 0.42%

From Our Partners