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Jabil Circuit Q1 Results Top Street, Outlook Strong, Shares Up 9%

Jabil Circuit Inc. (JBL) Tuesday said its earnings for the first quarter surged from a year ago and trumped Wall Street estimates, driven largely by more-than-expected revenue growth. The company also detailed a strong outlook for the second quarter. Following the news, shares of Jabil rose over 9% on the extended trading session.

St. Petersburg, Florida-based Jabil Circuit's first-quarter profit rose to $123.60 million or $0.76 per share from $63.79 million or $0.35 per share last year.

On an adjusted basis, earnings were $146.81 million or $0.90 per share, up from $144.5 million or $0.80 per share last year. Analysts polled by Thomson Reuters had expected earnings of $0.88 per share for the quarter. Analysts' estimates typically exclude special items.

Jabil Circuit's first-quarter revenues grew 16.7% to $6.51 billion from $5.58 billion last year. Analysts had a consensus revenue estimate of $6.10 billion for the quarter.

"I'm extremely pleased with our outstanding first quarter results. The team continued to ramp challenging new programs in targeted markets and achieved double-digit growth through excellent operational execution," said CEO Mark Mondello.

"These strong results reflect record revenue, operating income and core EPS. The exceptional performance is proof that our diversification strategy is working and delivering predictable returns," he added.

Looking forward to the second quarter, Jabil expects earnings of $0.51 to $0.71 per share and revenues of $5.8 billion to $6.4 billion. Analysts currently estimate earnings of $0.61 per share and revenues of $5.81 billion.

JBL closed Tuesday's trading at $22.21, up $0.65 or 3.01%, on the NYSE. The stock further gained $2.09 or 9.41% in the after-hours trade.

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