Jabil Circuit Inc. (NYSE: JBL) met analysts' estimates in its fourth quarter Wednesday, earning $26.2 million, or 30 cents a share, on sales of $536.5 million.
First Call consensus expected the electronics manufacturer for circuit board assemblies to earn 30 cents a share.
Analysts were expecting bigger things from Jabil this quarter until company officials warned that some customer order delays would trim fourth-quarter sales and earnings by as much as 10 percent.
For the fiscal year, Jabil raked in $91.5 million, or $1.12 a share, on sales of $2 billion. In fiscal 1998, it made $69.8 million, or 91 cents a share, on sales of $1.3 billion.
"We are pleased to report record fiscal 1999 results that were above our long- term operating goals," said CEO Tim Main in a prepared release. "This year's performance was possible thanks to the continued dedication of our employees who have continued to run world-class operations in an aggressive growth environment."
Fourth-quarter sales of $536.5 million represents a 69 percent improvement compared to the year-ago quarter when it earned $13.4 million, or 17 cents a share, on sales of $317.6 million.
Jabil officials said they expect a 60 percent increase in sales in fiscal 2000 and a 48 percent leap in operating income. Fiscal 1999
"The business fundamentals are strong and we look forward to producing outstanding results for our customers and shareholders in fiscal 2000," Main said.
Jabil shares hit a 52-week high of 55 3/8 in May after bottoming out at 14 1/2 last September.
Twenty-five of the 26 analysts covering the stock rate it either a "buy" or "strong buy."
First Call consensus expects it to earn 32 cents a share in its first quarter.