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Business Observer Wednesday, Jun. 22, 2011 11 years ago

Strong earnings boost Jabil

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Revenue growth of 20% pushed its stock up nearly 6% this morning.

ST. PETERSBURG — Jabil Circuit Inc. (symbol: JBL) generated $4.2 billion in revenues in the third quarter of its 2011 fiscal year, up 20% from last year's total of $3.5 billion.

Its operating income grew 58%, to $152.5 million, and its net income essentially doubled, up to $104.7 million for the quarter, according to the latest release from the company.

Jabil's performance came in ahead of market expectations, moving investors to buy up the company's stock in early Wednesday trading. Shortly after trading began, Jabil's stock shot up roughly 6%, to nearly $20 a share.

The value of Jabil's stock has fluctuated in 2011, changing directions frequently between $18 and $23. But the company's new stock repurchase program, announced yesterday, might help stabilize the price. Jabil will buy back up to $200 million of its own stock, a statement said June 21. As of Feb. 28 the company had roughly $900 million in cash and cash equivalents on its balance sheet.

Jabil Circuit designs and manufactures electronics and technology equipment. The company earned $13.4 billion in revenues in its most recent full fiscal year, which ended Aug. 31.

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