Jabil Beats First-Quarter Earnings and Revenue Expectations

Jabil, a supplier to Apple, reports strong first-quarter earnings.
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Jabil  (JBL) - Get Report advanced Thursday after the telecom circuit board and equipment manufacturer reported better-than-expected first quarter earnings.

Shares of the Saint Petersburg, Fla.-based company were rising 7.38% to $44.13 in trading Thursday.

Jabil, which makes casings for Apple's  (AAPL) - Get Report iPhones and iPads, reported net income of $200.4 million, or $1.31 a share, up from $40.4 million, or 26 cents a share, a year ago.

Adjusted earnings were $1.60 a share, compared with the FactSet consensus of $1.27. 

Revenue totaled $7.83 billion, up from 4.4% a year ago, and exceeded FactSet's consensus of $7.03 billion. Diversified manufacturing services revenue grew 13%, while electronics manufacturing services year-on-year revenue decreased 4%.

Jabil said it expects second-quarter adjusted earnings of 83 cents to $1.03a share, compared with the FactSet consensus of 88 cents. 

The company said it expects second-quarter revenue in the range of $6.2 billion to $6.8 billion, compared with the FactSet consensus of $6.2 billion.

Jabil expects full-year earnings to be $4.60 a share, with revenue expected to be $27.5 billion. Wall Street is looking for earnings of $4.03 a share and revenue of $26.6 billion.

CEO Mark Mondello said in a statement that he was "thrilled with the strong start to the fiscal year," adding that "our unique positioning as a critical and trusted supplier for so many of the world’s leading brands is allowing us to benefit from powerful end-market trends."

"As a result, our team delivered record quarterly results for revenue, core operating income and core EPS," Mondello said. "Importantly, these impressive results show that our multi-year strategy to create a more optimized commercial portfolio is working,"