Contract manufacturer Jabil Circuit (JBL: news, chart, profile) reported fourth-quarter earnings below expectations and warned that full-year results for the upcoming fiscal year will be smaller that current expectations.
Ahead of the report, shares closed down 1 cent at $15 but then backpedaled to $13.45 after hours.
Jabil reported fiscal fourth-quarter net income of $11.2 million, or 6 cents a share, compared with net income of $47.1 million, or 24 cents a share, during the same quarter last year.
Revenue declined to $944 million compared with $1.1 billion during the same quarter last year.
Excluding charges and one-time items, Jabil had pro forma net income of $26 million, or 13 cents a share, compared with $47.6 million, or 24 cents a share. Analysts surveyed by Thomson Financial/First Call expected earnings of 14 cents a share, on average.
For the first quarter, Jabil said it expects revenue of $900 million to $950 million. For the new fiscal year, Jabil said it should earn 75 to 80 cents a share on revenue of $4.5 billion to $5 billion. Analysts, on average, currently expect full-year earnings per share of 88 cents.
marketwatch.com
I suspect we will see some additional downgrades. Still in a market full of technology stocks bleeding money I could be feeling a lot worse about the future than I do holding JBL.
RtS |
