Jabil revenues dip as profit swells
Manufacturing services firm Jabil Circuit Inc., the parent company of Clinton-based Nypro Inc., reported net income of $188.3 million, or 93 cents a share, for the three months ending May 31, compared to net income of $50.1 million, or 24 cents a share, for the same period a year ago.
Revenue in the third quarter of the company’s fiscal year came in at $3.8 billion, beating most analyst’s expectations of $3.6 billion but down from $4.2 billion a year ago.
“Our third fiscal quarter performed largely as planned and is highlighted by a strong balance sheet performance, driven by significant cash flow from operations and a total cash position of $1.3 billion,” said Chief Financial Officer Forbes Alexander in a statement. “We believe the strength of our balance sheet positions us well as we consider strategic investments in key growth areas in fiscal 2015.”
Jabil said net revenue would remain steady in the fourth quarter with projections of $3.7 billion to $3.9 billion, and a net loss of 5 cents to 30 cents a share.
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