TSC Staff
Jabil Circuit(JBL Quote - Cramer on JBL - Stock Picks) missed analysts' expectations -- and the company's own sequential projections -- for the first fiscal quarter, as component shortages hit the bottom line.
The company, a provider of electronics manufacturing services, said first-quarter income rose to $47.7 million, or 24 cents a share, from $31.6 million, or 17 cents a share, excluding a charge, for the same period a year ago. According to First Call/Thomson Financial, analysts expected the company to earn 26 cents a share in the latest first quarter.
Revenue for the quarter rose 64% to $1.1 billion from $690 million a year ago. Jabil, which is based in St. Petersburg, Fla., said "while our earnings for the first fiscal quarter were impressive on a year-over-year basis, they did not meet our sequential growth expectations. During the quarter we were faced with unanticipated shortages of certain key components that prevented us from achieving our original goals." The company expects customer inventory adjustments to lead to an 11% sequential decline in operating income for the second fiscal quarter. Jabil is targeting a sequential operating income increase of 32% in the fiscal third quarter and a 16% sequential increase in the fourth quarter. The company is targeting a 33% operating income increase for fiscal 2001. Wall Street expects Jabil to earn 28 cents a share in the second quarter and $1.16 for the year.
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