Jabil Circuit Beats Expectations

Jabil Circuit ( JBL) delivered an upside surprise after the bell Wednesday, reporting that both earnings and revenue in the second quarter exceeded the company's forecasts and Wall Street's expectations.

The contract manufacturer earned $40 million, or 19 cents a share, compared with $10.1 million, or 5 cents a share, in the same period of fiscal 2003, according to generally accepted accounting principles.

Revenue in the February quarter grew 30% year over year to $1.5 billion, compared with $1.1 billion a year earlier. The company had forecast revenue of $1.33 billion to $1.4 billion.

Pro forma earnings increased to $49.7 million, or 24 cents a share, 2 cents more than analysts polled by Thomson Financial had expected and 2 cents to 4 cents better than the company predicted.

Looking to the third fiscal quarter, the company told investors to expect pro forma earnings of 25 cents to 27 cents a share, on sales ranging from $1.57 billion to $1.62 billion. The forecast was also better than Wall Street had expected, with current consensus of EPS of 24 cents on sales of $1.46 billion.

Earlier in the day, shares of rival manufacturer Plexus ( PLXS) jumped after being upgraded by UBS Securities. But that upgrade didn't create much of an updraft in the electronics manufacturing sector; volume was average, with most of the companies making modest gains on a generally up day.

Jabil gained 76 cents, or nearly 3%, to $28.14 in regular trading Wednesday; after hours, the stock was recently up 74 cents, or 2.6%, to $28.90.

More from Technology

Facebook Takes Aim at YouTube, But It Faces an Uphill Battle

Facebook Takes Aim at YouTube, But It Faces an Uphill Battle

5 Biggest U.S. Tech Stocks Test $4 Trillion Valuation Amid Bullish Nasdaq Run

5 Biggest U.S. Tech Stocks Test $4 Trillion Valuation Amid Bullish Nasdaq Run

Microsoft Chief Says Its ICE Contract Isn't Part of Child Separation Policy

Microsoft Chief Says Its ICE Contract Isn't Part of Child Separation Policy

Immigration, Instagram and Oil - Here's What You Can't Miss Wednesday

Immigration, Instagram and Oil - Here's What You Can't Miss Wednesday

What Will GM Do With Cruise -- and Is Its Stock Worth $55?

What Will GM Do With Cruise -- and Is Its Stock Worth $55?