Jabil Circuit  (JBL) doubled down on its better-than-expected fiscal 2017 first-quarter results reported late Thursday by issuing second-quarter guidance that largely met Wall Street's estimates. 

After Thursday's closing bell, the electronics manufacturing giant posted adjusted earnings of 69 cents per share, surpassing analysts' projected 64 cents per share. Revenue was $5.1 billion, which beat Wall Street's projected $4.9 billion. 

Jabil expects to make 35 to 57 cents per diluted share and $4.2 to $4.5 billion in revenue for the second quarter. Analysts, meanwhile, were looking for the company to report adjusted earnings of 46 cents per share with $4.35 billion in revenue. 

The St. Petersburg, FL-based company's diversified manufacturing services (DMS) segment, which includes the iPhone casings it makes for Apple (AAPL) , saw revenues decline 2% year-over-year. That was better than analysts' projections for a 12% decrease year-over-year. Apple accounts for roughly 24% of Jabil's annual sales.

On its earnings call, Jabil said handset product volumes were softer than expected, but that it expects that segment to pick up in the tail end of 2017. 

Shares of Jabil were soaring 15.7% to $24.94 Friday morning and are up nearly 5% for the year. About 7.76 million shares of Jabil have traded so far today, above the stock's 30-day average volume of 2.05 million shares. Shares of Apple were trading flat at about $116 on Friday.

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Here's a look at what some Wall Street analysts had to say about the quarter: 

Sean Hannan, Needham (Hold)

"While AAPL remains (and will remain) a particularly meaningful customer for JBL, growth in other areas of the business (i.e., Nypro) combined with positive mix transitions (electronic manufacturing services) could provide a positive path from F4Q17 into F18 if executed to plan. Combined with restructuring efforts expected to last through F18, JBL's potential earnings growth could hit the double-digit range for the next three years. Overall, we are quickly warming back up to the name although crisp execution will be necessary while the large customer concentration with AAPL remains a sticking point." 

Matthew Sheerin, Stifel (Hold, $23 PT) 

"Jabil guided Q2 sales and EPS more or less in line with our estimates of $4.4 billion and $0.46, on expectations of continued margin expansion at EMS due to positive mix, and a roughly 29% sequential decline in DMS, which we believe translates into a 38%-40% sequential decline from Apple. Looking at the rest of FY17, JBL expects DMS margins to be roughly break even in the May quarter as it invests in new program ramps at Apple...Rolled up, we believe Jabil is executing well despite the volatility from its largest customer, and we believe the FCF and buyback program will provide limited downside to the stock while investors try to figure out potential profitability in FY18."

Steven Mulunovich, UBS (Buy, $28 PT) 

"Apple is about 24% of Jabil's revenue, and the company does not comment on that business within the Green Point division. However, the company noted that handsets were soft in the quarter and appear to be down again the Feb period. This suggests that concerns regarding Apple shipping 55 million iPhone units in the March quarter may be justified. However, Jabil expects an 'unusually strong' F4Q in handsets. Given commentary that its economics and content are not expected to dramatically change with its largest customer, it sounds like units should be strong in the initial iPhone 8 build and possibly continuing into F18."

Sherri Scribner, Deutsche Bank (Hold, $22 PT)

"On the positive side, a better mix of EM business led to 20bps of F1Q-16 margin improvement Y/Y, despite a 1% revenue decline...Positive demand and improving traction in healthcare and packaging drove upside to F1Q-16 DM sales. On the negative side, JBL's Apple-related business was weaker than expected and lower product volumes and heavy OpEx spend ahead of new product ramps are expected to hurt DM profitability in F2Q-17 and F3Q-17. However, management is optimistic that mobility (Apple) will have a strong F4Q-17 and expects DM sales to approach revenue run rates similar to two years ago of $1.9 billion."

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