Electronics supplier Jabil Circuit Inc. reported its fourth quarter profit that fell by more than half, while it still beat analysts’ estimate.
The Florida-based company said the net income was $38.1 million, or 20 cents a share, in the quarter ended Aug.31, down from $87.7 million, or 45 cents a share, a year earlier. Excluding certain items, the company earned 28 cents a share, compared with 53 cents per share a year earlier. Analyst had projected profit of 25 cents for the quarter.
Revenue slipped 5.3 percent to $4.43 billion, topping analysts’ estimate of $4.27 billion.
“Our fiscal 2016 was characterized by a blend of exceptional performance, significant variability, excellent cost control and wonderful customer care,” said CEO Mark Mondello. “I couldn’t be more pleased with our team in terms of effort and commitment, as they did a brilliant job of controlling what they could control during the year,” he added.
Jabil sells electronic manufacturing services and solutions. The Company provides electronic design, production and product management services to technology companies like Apple Inc. which contribute a chunk of revenue.
In addition, Jabil said it planned to realign the Company’s global capacity and administrative support infrastructure in order to optimize organizational effectiveness in a more moderate growth environment.
For the current quarter, the company expects overall earnings of 54 cents to 74 cents a share on $4.8 billion to $5 billion in revenue.
Jabil shares fell 4.93 percent to $22.56 in the early trading.