beat analysts' earnings expectations for the fiscal second quarter, but the company said a combination of inventory corrections and softened demand has reduced the outlook for the rest of the year.
For the second quarter ended Feb. 28, the company, an electronic manufacturing services provider, earned $41.3 million, or 21 cents a share. According to
First Call/Thomson Financial
, analysts expected the company to earn 20 cents. The company earned $33.9 million, or 18 cents a share, in the year-ago period.
Revenue for the quarter rose 44% to $1.2 billion from $838 million for the same period last year.
For the fiscal third quarter, the company expects revenue of $1 billion to $1.1 billion and earnings of 15 cents to 18 cents a share. Wall Street is looking for revenue of $1.26 billion and a profit of 25 cents. The company had a top line of $965.8 million in the year-ago third quarter, with earnings of 21 cents.
Jabil, which is based in St. Petersburg, Fla., expects to incur charges of $20 million to $25 million over the next two quarters. The charges are associated with reductions in the company's cost structure and acquisition costs.