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Jabil's 3Q Results Solid

Jun 25, 2010

Jabil Circuit Corporate Headquarters, St. Petersburg, FL

Jabil Circuit Corporate Headquarters, St. Petersburg, FL

Jabil Circuit JBL reported solid third-quarter results, with a 15% sequential rise in sales to $3.5 billion, well above company guidance and our $3.2 billion estimate. GAAP operating margins of 2.8% were higher than they've been in the past two and a half years, driven by strong sales and an increasing portion of sales coming from Jabil's higher-margin segments (industrial, medical, and aftermarket services).

The company expects fourth-quarter sales to increase 15%-20% sequentially to $3.8 billion-$4.0 billion. It is seeing strength in almost all of its segments and said demand has not been materially affected by the economic issues hanging over Europe (where more than 30% of Jabil's sales are located). This positive outlook lends support to the notion that the strong demand seen recently in tech is not yet being affected by macroeconomic issues or experiencing any slowdown in demand. We expect demand for Jabil's services to remain strong through the summer and think the company will see results improve again sequentially next quarter.

Jabil is an electronic product solutions company providing comprehensive electronics design, manufacturing and product management services to global electronics and technology companies. Offering complete product supply chain management from facilities in 22 countries, Jabil provides comprehensive, individualized-focused solutions to customers in a broad range of industries. Jabil common stock is traded on the New York Stock Exchange under the symbol, "JBL".

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