Electronics maker Jabil Circuit Inc posted better-than-expected quarterly results helped by cost cuts and market share gains, and guided first-quarter results above Wall Street estimates, sending its shares up 8 percent after the bell.
Separately, the company said it expects to cut 4,500 jobs and record about $53.7 million of restructuring and impairment charges related to the 2009 restructuring plan during the 12 months ended Aug. 31, 2009, according to an SEC filing.
For the fourth quarter, the company's net income fell to $5.5 million, or 3 cents a share, compared with $57.5 million, or 28 cents a share, a year ago.
Revenue fell 15 percent to $2.8 billion.
Excluding items, the company posted earnings of 16 cents per share.
Analysts were expecting earnings of 8 cents a share, before items, on revenue of $2.7 billion, according to Reuters Estimates.
For the first quarter, the company expects adjusted earnings of 24 cents to 32 cents a share, on revenue of $3 billion to $3.2 billion.
Analysts are looking at adjusted earnings of 18 cents a share, on revenue of $2.8 billion, according to Reuters Estimates.
The company expects to divest its automotive electronics manufacturing unit in Western Europe in the first quarter of fiscal 2010.
Shares of the company were trading up 8 percent at $13.32 Tuesday after the bell. They closed at $12.28 on the New York Stock Exchange.
(Reporting by Mansi Dutta in Bangalore; Editing by Maju Samuel)