Jabil 3rd-quarter profit rises sharply

ST. PETERSBURG, Fla. (AP) _ Electronic parts manufacturer Jabil Circuit Inc. said Tuesday its fiscal third-quarter profit soared as revenue grew and costs declined, while the year-ago results were weighed by charges.

For the three months ended May 31, the company earned $38.4 million, or 19 cents per share, up from a profit of $6.2 million, or 3 cents per share, in the same period a year earlier.

Excluding items such as restructuring and impairment charges and stock options costs, adjusted earnings were 26 cents per share, up from 23 cents a year earlier and above Wall Street's expectations.

Revenue rose 3 percent to $3.09 billion, from $3 billion in the prior-year quarter.

Analysts, on average, were expecting a profit of 20 cents per share, on sales of $3.09 billion, according to a poll by Thomson Financial. The estimates are for adjusted earnings, which Jabil defines as core earnings.

Selling, general and administrative costs declined, as did research and development costs. Restructuring and impairment charges fell 86 percent to $3.5 million, from $25.3 million.

Shares jumped $1.24, or 8.7 percent, to $15.57 in after-hours electronic trading. The stock closed the regular session up 9 cents at $14.33.