Jabil Circuit profit falls

ST. PETERSBURG — Technology manufacturer Jabil Circuit posted a 51% drop in profits primarily due to restructuring charges.

The company reported net income of $50.1 million on revenues of $4.47 billion in its fiscal third quarter ended May 31. Jabil recorded $28 million in realignment costs in the quarter, says CEO Mark Mondello, who added that a $188 million restructuring is necessary.

The St. Petersburg-based company, with more than 100,000 employees, 2012 revenue of $17.2 billion and 10 million square feet of manufacturing capacity, hasn't reset structural costs in more than seven years, Mondello said in a Wednesday call with analysts. Jabil executives declined to say what sites will be closed or how many employees will be affected.