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© Jabil Electronics Production | June 22, 2011

Jabil posts 22% surge in revenue

Florida-based EMS-provider Jabil Circuit posted solid 3Q results (ended May 31, 2011) - narrowly beating analyst estimates - helped by a 22% surge in revenue.
"Revenue growth was stronger than expected for our third quarter," said Timothy L. Main, President and CEO of Jabil. "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."

Third quarter 2011

Net revenue for the third quarter of fiscal 2011 was USD 4.2 billion compared to USD 3.5 billion for the same period of fiscal 2010.

GAAP operating income for the third quarter of fiscal 2011 was USD 152.5 million compared to USD 96.5 million for the same period of fiscal 2010. GAAP net income for the third quarter of fiscal 2011 was USD 104.7 million compared to USD 52.0 million for the same period of fiscal 2010.

Core operating income for the third quarter of fiscal 2011 was USD177.8 million or 4.2% of net revenue compared to USD 131.9 million or 3.8% of net revenue for the same period of fiscal 2010. Core earnings for the third quarter of fiscal 2011 were USD 129.1 million compared to USD 86.7 million for the same period of fiscal 2010.

Business update

Jabil management indicated that it expects net revenue for its fourth quarter of fiscal 2011 to range from USD 4.1 to 4.3 billion. Jabil estimated that its core operating income for its fourth quarter of fiscal 2011 will range from USD 165 to 185 million or 4.0 to 4.3% of net revenue.

"We are gratified to see the new business opportunities in targeted segments continuing and are pleased with our operating performance, which remains ahead of our long-term goals for the company", said Timothy L. Main.

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