Jabil Circuit's (NYSE: JBL) have leapt this morning in response to the company’s robust fiscal first-quarter earnings which were released yesterday after the market closed.
Shares are up about 6.9 percent as of 10:05 a.m. (EST).
Jabil posted first-quarter earnings of 61 cents per share (6 cents above analysts’ estimate) on revenues of $4.08-billion, a 32 sirge from last year’s figure.
Needham & Co. reiterated its 'Strong Buy' rating on Jabil, and also hiked its price target to $25 from $23.
“We believe our focus on diversification and a differentiated business model will allow us to continue growth throughout 2011,” said Timothy L. Main, Jabil’s President and CEO. “We see good momentum in our three business segments as we continue on a record setting pace for fiscal 2011.”
The company also provided an upbeat outlook -- forecasting second-quarter earnings ranging between 49 cents to 53 cents per share on sales of between $3.85 billion to $3.95 billion (versus Wall Street’s estimates of 44 cents and $3.7 billion).
The company’s stock has gone nowhere this year, however, sinking to a low of about $10.25 in late August.