Updated from 4:54 p.m. ET to include latest share prices, additional information on FSI International and On Assignment. NEW YORK ( TheStreet) -- Shares of Jabil Circuit ( JBL) slipped in late trades after the provider of electronics manufacturing services posted an inline profit for its fiscal second quarter but came up short of consensus on the low range of its outlook for the third quarter. The St. Petersburg, Fla.-based company reported core earnings of $123.2 million, or 58 cents a share, for the three months ended Feb. 29 on revenue of $4.24 billion. The average estimate of analysts polled by Thomson Reuters was for a profit of 58 cents a share on revenue of $4.09 billion. The fact that the company couldn't convert the higher than anticipated revenue into any upside on the bottom line is disappointing. In a business where margins are already razor thin, Jabil saw selling, general and administrative expenses rise to $160.8 million in the latest period from $141.8 million last year.
The stock was last quoted at $25.85, down 2.4%, on volume of 120,000, according to Nasdaq.com. Based on Tuesday's regular session close at $26.49, the shares are up 43% in the past year, reflecting a 38% gain so far in 2012. Since hitting a 52-week low of $13.94 on Aug. 19, the stock has appreciated 90%. For its fiscal third quarter ending in May, Jabil forecast core earnings of 60 to 70 cents a share on revenue ranging from $4.2 billion to $4.4 billion. Wall Street's current consensus view is for a profit of 65 cents a share on revenue of $4.35 billion. Jabil shares currently trade at a forward price-to-earnings multiple of 9X, more expensive than rivals Sanmina-SCI ( SANM) at 6.6X and Flextronics ( FLEX) at 7X. Check out TheStreet's quote page for Jabil Circuit for year-to-date share performance, analyst ratings, earnings estimates and much more.