Jabil Circuit says 1Q profit to match Street view

Jabil Circuit shares were up $1.31, or 12 percent, at $12 in pre-market trading.

The St. Petersburg-based company said its revenue would range from $3.4 billion to $3.6 billion in the first fiscal quarter, which ends in November.

Analysts polled by Thomson Reuters had been expecting revenue of $3.44 billion, on average.

Jabil Circuit said it would earn 30 to 38 cents per share, excluding 10 cents per share in amortization of intangibles and the cost of stock-based compensation.

Analyts were on average expecting 36 cents per share, excluding items.

"The ramifications of the financial market conditions on the overall global economy are difficult to predict," said Jabil President and Chief Executive Tim Main. "Jabil has diversified its business over a wide range of sectors and we believe this affords us some resilience in a downturn."

Main also addressed liquidity concerns, saying the company has $1.5 billion available in cash and credit facilities, enough for a year of operations.

"Guidance for the November quarter was not that bad given investor concern about the macro environment," wrote Cowen & Co. analyst Louis Miscioscia in a morning note. "We believe there could be a relief rally in the shares given they are off from a recent high of $17."