The St. Petersburg firm grew first quarter revenues by 32%.
ST. PETERSBURG — Jabil Circuit Inc. earned $1 billion more in the first quarter of its 2011 fiscal year than it did the previous year.
The company posted $4.1 billion in net revenues for the three-month period ended Nov. 30, 2010, to begin its fiscal year, compared to $3.1 billion in 2010.
That led to a 377% increase in profits, up from $28.3 million a year ago to $106.7 million in the recently concluded quarter.
Jabil projects to earn between $3.85 billion and $3.95 billion next quarter, the company said in a release.
CEO Timothy Main said a diverse business model helped spur recent success, and would contribute to further growth in the future. “We believe our focus on diversification and a differentiated business model will allow us to continue growth throughout 2011,” Main said in a release.
Jabil shares gained roughly $2. in value the day after its earnings were released, representing an increase in share value exceeding 10%.
Headquartered in St. Petersburg, Jabil Circuit is an electronic product solutions company providing comprehensive electronics design, manufacturing and product management services to global electronics and technology companies. The company earned $171 million in profits in its 2010 fiscal year.