Shares of Jabil Circuit (NYSE:JBL) dropped about 10% in Wednesday trading after the company reported lower fourth quarter profits and missed expectations with its current quarter estimates.
The electronic component maker posted a fourth-quarter profit of $82.8 million, down 28% from $114.3 million in the same period last year. Adjusted EPS for the quarter was 54 cents, which fell short of the 58 cents Wall Street had anticipated, the Associated Press noted.
Company officials said they expected fiscal first-quarter earnings of between 51 cents and 62 cents a share. Revenue for the current quarter was estimated at betwen $4.3 billion and $4.5 billion.
That estimate disappointed analysts, who were looking for current quarter profits of 67 cents a share on revenue of $4.53 billion.
Investors weren’t happy with the misses. Jabil stock tumbled, falling below $20 a share.
During the fourth quarter, Jabil recorded revenue of $4.34 billion, up 1.4% from $4.28 billion in 2011. That topped the $4.23 billion that analysts had forecast.
For the full year, Jabil said it earned $394.7 million, up 4% over last year. EPS was $1.87 on revemue of $17.15, also up 4% from 2011.