ST. PETERSBURG, FL -- Jabil Circuit last night reported fiscal third-quarter revenues of $3.46 billion, up 32% from a year ago.

For the period ended May 3, Jabil posted net income of $52 million, up from a net loss of $28.8 million last year. GAAP operating income was $96.5 million, up from a $7.8 million loss. Revenues were up 15% sequentially.

EMS revenue was $2.1 billion, or about 61% of total company revenue. The company saw double-digit sequential growth across all but one sector. Consumer sales made up 33% of revenue, on strength in mobility and digital home office. Aftermarket Services made up 6% of revenues.

Inventory increased 14% sequentially as the company and its customers are raising levels due to component constraints.

Two customers accounted for more than 10% of revenue apiece, while Jabil's 10 largest customers made up about 60% of its sales.

Cash flow from operations was $37 million, and return on invested capital was 22%.

Gross margin was 7.6%, up 190 basis points from a year ago and up 20 basis points sequentially.

The company has entered into a letter of intent to divest its remaining manufacturing operations in France and Italy. The operations to be divested include four sites, approximately 1,500 workers, and generate revenues of about $300 million annually. The transaction is expected to close during the course of the fourth fiscal quarter.

Jabil guided for fiscal fourth quarter revenue of $3.8 billion to $4 billion, a 10% to 16% increase sequentially. The EMS division is expected to grow 8% and consumer 25% sequentially, respectively. Aftermarket services is expected to have flat revenues.