* Sees 4th-quarter core earnings of $0.50-$0.58/share
* Analysts expect core earnings of $0.59/share
* Shares down 1 percent after market
June 19 Contract electronics maker Jabil Circuit
Inc forecast current-quarter core earnings below
analysts' estimates and said it planned to cut an unspecified
number of jobs as part of a restructuring plan.
Jabil said it expected to book about $188 million in
restructuring charges over the next three years, of which $60
million to $70 million will be in the current
The company, which did not specify the location of the job
cuts, said on a conference call with analysts that the timing of
the headcount reduction is subject to consultation with its
Jabil has about 141,000 employees as of Aug. 31, 2012,
according to a regulatory filing.
The company counts Apple Inc, Cisco Systems
, General Electric Co, Hewlett-Packard,
IBM Corp, NetApp Inc and BlackBerry
among its top customers.
Jabil forecast core earnings of 50-58 cents per share for
the current quarter, below the average analyst estimate of 59
The company said it expected revenue in the range of $4.45
billion to $4.65 billion.
Analysts on average were expecting revenue of $4.59 billion,
according to Thomson Reuters I/B/E/S.
The company said it expected to take a $10 million charge in
the current quarter related to its acquisition of Nypro Inc, a
maker of precision plastic products.
Jabil said in February it would buy Nypro for about $665
million to add to its consumer electronics, healthcare and
consumer packaging businesses.
Jabil's net income fell to $49.6 million, or 24 cents per
share, in the third quarter, from $101.6 million, or 48 cents
per share, a year earlier. The company's core earnings were 56
cents per share.
The company said it took a charge of $28 million related to
Revenue rose about 5 percent to $4.47 billion.
Analysts had expected earnings of 54 cents per share on
revenue of $4.40 billion.
Shares of the St. Petersburg, Florida-based company were
down 1 percent in extended trading after closing at $19.82 on
the New York Stock Exchange on Wednesday.