September 27, 2010 / 10:42 PM / 8 years ago

UPDATE 1-Jabil Q4 rev lags Street, sees Q1 rev below market

* Q4 core EPS $0.52 vs est $0.48

* Q4 rev $3.86 bln vs est $3.89 bln

* Sees Q1 FY11 rev $3.9-$4 bln vs est $4.08 bln

* Sees core Q1 EPS $0.53-$0.57 vs est $0.53

* Shares fall 2 pct in after-market trade

Sept 27 (Reuters) - Technology distributor Jabil Circuit Inc’s (JBL.N) quarterly revenue missed Wall Street expectations, and the company forecast first-quarter 2011 sales below estimates, sending its shares down 2 percent in extended trade.

Jabil, whose rivals include Benchmark Electronics (BHE.N), Flextronics (FLEX.O) and Celestica Inc (CLS.TO) (CLS.N), said it expects first-quarter revenue of $3.9-$4 billion, below market expectations of $4.08 billion.

However, the company, whose fourth-quarter profit beat market expectations, said it expects first-quarter core earnings of 53-57 cents a share, which is largely above analysts’ view of 53 cents a share.

For the June-August quarter, net income attributable to Jabil was $58.7 million, or 27 cents a share, compared with $5.5 million, or 3 cents a share, last year. Excluding items, it earned 52 cents a share.

Net revenue for the company, which produces components for tech giants such as Cisco Systems (CSCO.O), Hewlett-Packard (HPQ.N), IBM Corp (IBM.N), Nokia Corp NOK1V.HE, and Research in Motion RIM.TO, jumped 38 percent to $3.86 billion.

Analysts on average were expecting earnings of 48 cents a share, on revenue of $3.89 billion, according to Thomson Reuters I/B/E/S.

Shares of the St. Petersburg, Florida-based company, which have gained 28 percent in value over the past one month, fell 17 cents to $13.72 after the bell. They closed at $13.89 Monday on the New York Stock Exchange. (Reporting by Swati Chitnis in Bangalore; Editing by Vyas Mohan)

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