ST PETERSBURG: Jabil Circuit Inc., which makes parts for Apple Inc.’s iPhone, posted strong results for its latest quarter as revenue climbed 14%.
The company also increased its annual guidance for core earnings on a per share basis to $2.65 from an earlier projection of $2.60.
Revenue in its diversified manufacturing services segment, which includes its work for Apple, is projected to increase 14% increase in the second quarter.
Founded in 1966, the St. Petersburg, Fla., company makes products for tech companies including Apple and Cisco Systems Inc. Its financial results have largely mirrored the upswing in the tech market. Last year, it was forced to restructure operations after ending business with BlackBerry Ltd., which had been its second largest customer by volume accounting for 12% of its revenue in 2013.
Overall for the period ended Nov. 30, Jabil reported a profit of $131.9 million, or 68 cents a share, compared with a year-earlier profit of $72.2 million, or 37 cents a share. Excluding stock-based compensation and other items, profit rose to 85 cents from 55 cents a year earlier.
Revenue rose 14% to $5.2 billion.
The company had projected core profit of 72 cents to 88 cents a share on $5.1 billion to $5.3 billion in revenue for the first quarter. Analysts surveyed by Thomson Reuters expected earnings of 80 cents per share and $5.2 billion in revenue.
