ST. PETERSBURG, FL -- Jabil Circuit on Thursday night reported a 90% drop in net profits despite a 15% gain in quarterly revenue. In its third quarter ended May 31, the EMS firm reported net income of $6.2 million, down from $64.2 million last year, on sales of $3 billion.

The company took $19.4 million in charges for restructuring and impairment. Jabil said seasonally weak demand in the fourth quarter, predicting revenue of $3 billion and predicting a slower-than-expected margin recovery.

For the quarter, inventory days fell three sequentially, but rose one day year-over-year to 47 days. Automotive and computer peripherals showed sequential gains of 16% and 19%, respectively, but consumer sales were down 9%, including the TPG acquisition. The company forecasts telecom and automotive will sink in the August quarter, while peripherals and storage will improve marginally.

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