Jabil Results Top Expectations

Jabil Circuit Inc has reported its preliminary unaudited financial results for the first quarter of fiscal year 2010, ended November 30, 2009. "Jabil demonstrated solid execution during the quarter, delivering significant margin expansion and revenue growth on a sequential basis," said President and CEO Timothy L Main.

Net revenue for the first quarter of fiscal 2010 was $3.1 billion compared to $3.4 billion for the same period of fiscal 2009. GAAP operating income for the first quarter of fiscal 2010 was $66.3 million compared to a loss of $240.0 million for the same period of fiscal 2009.

"We believe that we have a good pipeline of new business, a stable to improving end-market environment and a keen focus on cost, quality and delivery for our valuable customers," said Main. "We also think that we have established positive momentum toward a much improved fiscal 2010 and we expect to provide further evidence of this in our second fiscal quarter."

Jabil management indicated that it expects its net revenue for its second quarter of fiscal 2010 to be in a range from $2.9 billion to $3.1 billion, reflecting typical seasonality and anticipated continued improvement in end markets. Jabil estimated that its core operating income would be in a range from $75 million to $105 million.

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