Jabil Circuit

(JBL) - Get Report

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


(PLXS) - Get Report

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.