(By Balaseshan) Jabil Circuit Inc. (NYSE: JBL), a provider of worldwide electronic manufacturing services, reported better than expected first quarter earnings helped by sales from its segments, sending its shares up 5.49% in aftermarket.
Earnings for the first quarter were $105.85 million or $0.51 per share, lower than last year's $112.87 million or $0.54 per share. Core earnings per share fell to $0.61 from $0.65.
Revenue increased 7.2% to $4.64 billion.
Analysts, on average, polled by Thomson Reuters had expected profit of $0.56 per share on revenue of $4.41 billion for the first quarter.
Revenue from diversified manufacturing services grew 20% year over year, climbing to 47% of total revenue in the first quarter.
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The company's Enterprise & Infrastructure business increased 17%, while Jabil's High Velocity business declined 20%.
Looking ahead into the second quarter, the company expects earnings of $0.40 to $0.48 per share, core earnings of $0.50 to $0.58 per share and revenue of $4.3 billion to $4.5 billion, while Street predicts profit of $0.59 per share on revenue of $4.38 billion.
Core operating income for the second quarter is anticipated to be between $165 million and $185 million. GAAP earnings guidance are currently estimated to include $0.02 per share for amortization of intangibles and $0.08 per share for stock-based compensation.
JBL closed Wednesday's regular trading up 0.87% at $18.57. The stock has been trading between $16.82 and $27.40 for the past 52 weeks.