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Updated from Sept. 26

Jabil Circuit

(JBL) - Get Jabil Inc. Report

could only offer partial quarterly results to shareholders on Tuesday, but investors focused on the company's bullish forecast.

In early Wednesday trading, the stock was up $1.21, or 4.3%, to $29.10.

For its first quarter, Jabil expects revenue between $3.1 billion to $3.3 billion, higher than analysts' projections of $3.07 billion. The company also said it expects revenue growth of about 20% for fiscal 2007, suggesting revenue of about $12.36 billion. Consensus anticipated $12.2 billion for the full 2007.

Jabil said fourth-quarter revenue increased 45% year-over-year to $3 billion compared to $2 billion last year. Analysts polled by Thomson First Call had pegged the company for $2.84 billion on the top line.

For the full year, sales grew 36% to $10.3 billion up from $7.5 billion in fiscal 2005. Analysts forecast $10.16 billion for the full year.

The company said that the Office of the Chief Accountant of the

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Securities and Exchange Commission

had recently issued general instructions for companies on issues connected to their stock options granting practices.

"Jabil is in the process of evaluating this guidance," the company said in a press release. "It is premature to determine whether or not the application of that guidance to the company's circumstances will result in it recording any additional compensation expense, or that it will cause the Company to determine that it would need to restate financial results for any prior period."

"The focus this year will not be on revenue growth," CEO Tim Main said on a call with financial analysts. "The focus will be earnings growth and capital efficiency."

The electronics manufacturing services company also provided an update to its restructuring process. Jabil accrued $84.6 million in restructuring and impairment charges, and a deferred tax valuation of $35.6 million associated with the plans during the fourth quarter.

Jabil said its "realignment of capacity" (read: job cuts) could result in $200 million to $250 million in charges, and will cost the company between $150 million to $250 million over the next two fiscal years. The company said it is currently negotiating with employees but would not provide specifics on which facilities will be affected.

At the same time, the company will add capacity in Poland and Ukraine, and plans to expand "our low-cost footprint" in Asia as well.

"We suffered some growing pains in fiscal 2006," Main said. He said he expected the concerns to steadily diminish.

Last quarter, the company was hit with unexpected charges related to the ramp of its tooling operations, execution problems at one of its U.S. plants and higher costs in its repair program.

The tooling business is the lingering issue and it will take at least the first two quarters of fiscal 2007 to resolve, the company said.