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UPDATE 1-Apple supplier Jabil Circuit forecasts revenue above Street
December 17, 2014 / 9:52 PM / 3 years ago

UPDATE 1-Apple supplier Jabil Circuit forecasts revenue above Street

(Adds details, forecast, background, share move)

Dec 17 (Reuters) - Jabil Circuit Inc, which makes phone casings for Apple Inc, forecast revenue for the current quarter to be above market estimates as sales of iPhone 6 and 6 plus continue to ramp up.

Jabil Circuit shares were up 6.2 percent in extended trading.

Apple, Jabil’s biggest customer, had said it sold a record 10 million iPhones in the first weekend after its new, larger phone models went on sale in 10 countries in September.

The new iPhone has helped push Apple’s overall smartphone sales to 39.27 million in the September quarter alone.

The iPhone 6 and iPhone 6 Plus drew more than 4 million pre-orders on Sept. 12, more than double the 2 million orders for the company’s iPhone 5 model in the same period two years ago.

Jabil said it expected revenue to rise 53 percent for the second quarter ending Feb. 28, in its diversified manufacturing services business, which makes iPhones casings.

The company also forecast second-quarter core earnings of 39-50 cents per share on revenue of $4.15 billion-$4.35 billion.

Analysts on average were expecting the company to earn 38 cents per share, on revenue of $4.12 billion, according to Thomson Reuters I/B/E/S.

Net profit attributable to the contract electronics maker fell to $72.2 million, or 37 cents per share, in the first quarter ended November 30, compared with a profit of $117.9 million, or 57 cents per share, a year earlier.

Revenue rose to $4.55 billion from $4.34 billion.

The company reported core earnings of 55 cents per share.

Analysts had expected core earnings of 47 cents per share on revenue of $4.34 billion.

Jabil’s shares closed at $20.07 on the New York Stock Exchange on Wednesday. (Reporting by Anya George Tharakan and Subrat Patnaik in Bengaluru; Editing by Joyjeet Das)

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