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Jabil 3Q profit shrinks and outlook falls short

ST. PETERSBURG, Fla. (AP) -- Electronics manufacturer Jabil Circuit Inc. said Wednesday that its net income fell by half in the fiscal third quarter, hurt by restructuring costs, and its profit outlook for the current quarter disappointed.

The company said its net income totaled $50.1 million, or 24 cents per share, for the quarter ended May 31. That's down from profit of $101.3 million, or 48 cents per share, in the same period a year ago.

Excluding $54 million in restructuring costs and other one-time items, earnings came to 56 cents per share. That was 2 cents above the average estimate of analysts polled by FactSet.

Revenue grew 5 percent, to $4.47 billion from $4.25 billion. Analysts forecast weaker growth, to $4.4 billion.

But the company's profit outlook for the current quarter fell short of Wall Street. It expects to earn between 50 cents and 58 cents per share, when analysts predict earnings of 59 cents per share. Jabil's revenue outlook, of $4.45 billion to $4.65 billion, bracketed analysts' estimate of $4.59 billion for the period through August.

Shares lost 10 cents to $19.82 Wednesday, and slipped 22 cents, or 1.1 percent, to $19.60 in aftermarket trading.