Jabil posts loss after restructuring
Electronics manufacturing services firm Jabil Circuit Inc., the parent company of Clinton-based Nypro Inc., posted a second-quarter loss as revenue declined and restructuring costs impacted the bottom line.
Jabil lost $38.7 million in the second quarter, which ended Feb. 28, compared with net income of $88.5 million a year earlier. This resulted in a loss of 19 cents per share, compared to earnings of 43 cents per share in the second quarter of 2013.
Meanwhile, revenue decreased to $3.6 billion down from $4.2 billion a year earlier.
In a statement filed with the U.S. Securities and Exchange Commission, Jabil attributed quarterly losses to $32.2 million in restructuring costs. It agreed to sell its after-market services business to iQor in December, and ended its relationship with smartphone maker Blackberry late last year, which impacted revenue.
“We completed our second quarter largely as planned, with steady progress on finalizing our previously announced divestiture and winding down our relationship with our second largest customer,” CEO Mark T. Mondello said in a statement.
WBJ Web Partners
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