NEW YORK (TheStreet) -- Jabil Circuit (JBL) shares are falling 8.34% to $22.30 in after-hours trading on Wednesday after the electronic manufacturing services provider reported its third quarter earnings results after the closing bell today.
The St. Petersburg, FL-based company reported third quarter GAAP net income of $72.2 million, less than half of the $188.3 million net income it reported a year ago.
The company earned 49 cents on a per share basis, in line with analysts' expectations for the period, while revenue of $4.4 billion missed analysts' $4.46 billion expectations.
For the current quarter the company expects net revenue between $4.5 billion and $4.65 billion with earnings between 40 cents and 50 cents per share.
Analysts on average are expecting the company to report revenue of $4.7 billion, yielding earnings of 47 cents per share.
TheStreet Ratings team rates JABIL CIRCUIT INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate JABIL CIRCUIT INC (JBL) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, increase in net income, solid stock price performance and growth in earnings per share. We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity."