Analyst Upgrade On Jabil Circuit, Inc.
VANCOUVER, BRITISH COLUMBIA--(INTERNET WIRE)--Sep 21, 2001-- Jabil Circuit, Inc. (NYSE: JBL - news),
rose after an analyst upgrade.
Morgan Stanley upgraded Jabil Circuit, Inc. from a neutral rating to an outperform rating this morning. Interestingly, Merrill Lynch reduced its on the Company fiscal year 2002 cash EPS to $0.62 from $0.95 and revenue to $4.175 billon from $5.26 billon.
Yesterday, Jabil Circuit reported revenues of $944 million for the fourth fiscal quarter of 2001, compared to $1.1 billion for the same period of fiscal 2000, an 11 percent decrease. Operating income excluding intangible amortization and non-recurring charges for the fourth fiscal quarter of 2001 was $35 million(a) or 3.7 percent of revenue compared to $65 million or 6 percent of revenue for the fourth fiscal quarter of 2000. The company recorded $13.7 million in business restructuring and integration costs during the quarter relating to the Marconi Communications acquisition and other non-recurring charges.
Tim Main, President and CEO, said in a conference call, "Business steadily degraded throughout the year. We do not see a strong end market recovery for any sector in the November quarter."
Jabil's fourth fiscal quarter of fiscal 2001 net earnings excluding amortization of intangibles and non-recurring charges were $26.0 million (a), compared with $47.6 million for the fourth fiscal quarter of 2000, a 45 percent decrease. Earnings per share on this basis were $0.13 per diluted share, compared to $0.24 for the fourth quarter of fiscal 2000.
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Contact:
Bill Mann
EquityAlert.com
604-659-5009
bsm@equityalert.com
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