(Source: Associated Press/AP Online)
ST. PETERSBURG, Fla. - Fiscal second quarter earnings from electronics parts maker Jabil Circuit Inc. beat Wall Street expectations Tuesday, although its net loss widened and the company warned it may book an non-cash goodwill impairment charge.
The net loss for the three months to Feb. 28 hit $42.1 million, or 20 cents per share, compared to a loss of $24.0 million, or 12 cents per share a year earlier.
Revenue fell 5.6 percent to $2.89 billion from $3.06 billion in the same period a year ago.
Core earnings, which exclude one-time items such as restructuring charges, decreased 35 percent to $27.3 million, or 13 cents per share.
Analysts surveyed by Thomson Reuters expected earnings on average of 12 cents per share on revenue of $2.81 billion.
Jabil's shares fell 57 cents, or 13.2 percent, to close at $3.74 on Tuesday. They slipped another penny in after-hours trading following the announcement. Shares have traded in a 52-week range between $3.10 and $18.78.
At the end of the quarter, Jabil had about $775 million in cash and $800 million available under a five-year revolving credit facility expiring in 2012.
"Liquidity and balance sheet strength are key advantages in this market environment," said Chief Executive Timothy L. Main in a statement.
Jabil said it expects third quarter revenue between $2.5 billion and $2.7 billion. It expects to lose 7 cents to 23 cents per share.
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