NEW YORK ( TheStreet) -- Shares of Jabil Circuit (JBL) jumped in late trades on Tuesday after the St. Petersburg, Fla.-based provider of electronics manufacturing services eclipsed Wall Street's quarterly earnings view and gave a bullish outlook.
The company posted core earnings of $136.3 million, or 62 cents a share, on revenue of $4.28 billion for its fiscal fourth quarter ended in August, trouncing the average estimate of analysts polled by Thomson Reuters for a profit of 56 cents a share on revenue of $4.19 billion.
The stock was last quoted at $18.43, up 10.2%, on volume of more than 375,000, according to Nasdaq.com. Based on a regular session close at $17.38, the shares were down nearly 17% so far in 2011, and have fallen 25% since hitting a 52-week high of $23.09 on Feb. 17.
For its fiscal first quarter ending in November, Jabil forecast core earnings of 62 to 70 cents a share on revenue of between $4.3 billion and $4.5 billion. The current consensus view is for profit of 61 cents a share on revenue of $4.41 billion in the quarter."While macroeconomic conditions remain uncertain, our expectation for continuing growth underscores our belief in the benefit of diversification and the sustained demand for our services," said Timothy Main, the company's CEO in a statement. "Customers are most concerned with driving higher levels of performance from their supply chain networks. We intend to drive superior levels of customer loyalty by giving them peerless performance throughout our organization." Wall Street was bullish ahead of the report with 9 of the 13 analysts covering the stock at either strong buy (4) or buy (5), and the median 12-month price target sitting at $21.
Progress SoftwareProgress Software (PRGS) said late Tuesday that some customers have been putting off purchasing decisions, and offered a financial forecast for its fiscal fourth quarter ending in November that's below current Wall Street consensus expectations. While the Bedford, Mass.-based maker of infrastructure software reported non-GAAP earnings for its fiscal third-quarter results that beat the average analysts' earnings per share view by 2 cents, Progress said it sees non-GAAP earnings of 30 to 33 cents a share for the fourth quarter on revenue ranging from $130 million to $134 million.
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