Jun 21
The St. Petersburg, Fla.-based provider of contract electronic manufacturing services reported core earnings of $129.1 million, or 58 cents a share, for the three months ended May 31, as revenue rose more than 20% year-over-year to $4.23 billion. The average estimate of analysts polled by Thomson Reuters was for a profit of 57 cents a share in the quarter on revenue of $4.14 billion.
The stock was last quoted at $18.75, down a dime, in late trades on volume of more than 400,000, according to Nasdaq.com. Year-to-date, the shares are off roughly 9%, and have broken below both their 50-day and 200-day moving averages of $20.30 and $20.15 respectively. “Revenue growth was stronger than expected for our third quarter,” said Timothy Main, the company’s president and CEO. “We are pleased to demonstrate continued growth above our long-term targets. As a result, Jabil is poised to deliver record revenue and earnings in fiscal 2011.” For its fiscal fourth quarter ending in August, Jabil forecast core earnings of 52 to 60 cents a share on revenue ranging from $4.1 billion to $4.3 billion. That view reflects sizable potential downside to Wall Street’s current consensus estimate is for a profit of 60 cents a share in the August quarter on revenue of $4.28 billion. Of the 13 analysts covering Jabil shares, 10 are at either strong buy (4) or buy (6), and the 12-month median price target sits at $25. –Written by Michael Baron in New York. >To contact the writer of this article, click here: Michael Baron. >To submit a news tip, send an email to:
The stock was last quoted at $18.75, down a dime, in late trades on volume of more than 400,000, according to Nasdaq.com. Year-to-date, the shares are off roughly 9%, and have broken below both their 50-day and 200-day moving averages of $20.30 and $20.15 respectively. “Revenue growth was stronger than expected for our third quarter,” said Timothy Main, the company’s president and CEO. “We are pleased to demonstrate continued growth above our long-term targets. As a result, Jabil is poised to deliver record revenue and earnings in fiscal 2011.” For its fiscal fourth quarter ending in August, Jabil forecast core earnings of 52 to 60 cents a share on revenue ranging from $4.1 billion to $4.3 billion. That view reflects sizable potential downside to Wall Street’s current consensus estimate is for a profit of 60 cents a share in the August quarter on revenue of $4.28 billion. Of the 13 analysts covering Jabil shares, 10 are at either strong buy (4) or buy (6), and the 12-month median price target sits at $25. –Written by Michael Baron in New York. >To contact the writer of this article, click here: Michael Baron. >To submit a news tip, send an email to:
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