Despite having a more diversified customer portfolio, Jabil Circuit Inc. is forecasting flat to slightly higher sequential revenue growth for its fourth quarter of 2003.
For the quarter ending Aug. 31., the St. Petersburg, Fla., EMS provider expects revenue of $1.25 billion to $1.3 billion and earnings per diluted share to range from 10 to 12 cents. The company also plans take $12 million in restructuring charges in the fourth quarter. For fiscal 2003, Jabil's restructuring fees are expected to total $88 million.
The communications market-dependent contractor has beefed up its presence in several other areas, including automotive, consumer, and industrial electronics in response to weak telecom demand.
"By focusing on growing and diversifying our business, fine turning our manufacturing operations and global plant sites, we have put up solid results in a very challenging environment," said Tim Main, Jabil's president and chief executive officer, in a statement.
For the recent third quarter ended May 31, Jabil reported net income of $4.5 million, or 2 cents per share, compared to net income of $20.8 million, or 10 cents per share, in the year-ago third quarter.
The recent third quarter brought Jabil higher revenue of $1.21 billion compared to $850.6 million in corresponding year-ago quarter.