ST. PETERSBURG, FL -- Jabil Circuit today beat revenue expectations, reporting fourth quarter sales of $3 billion, a 50% gain in revenue year-over-year. Full financial results for the quarter will be delayed due to ongoing investigations into the timing of past stock option grants.

The figures beat The Street's estimates of $2.8 billion. However, organic growth is expected to slow from 32% in fiscal 2006 to 11% in fiscal 2007, due in part to the end of a large contract with Philips.

Jabil guided for first-quarter sales of $3.1 billion to $3.3 billion and fiscal 2007 sales of $12.4 billion. The outlook was aided by better-than-expected contributions from Cisco but tempered by Jabil's cautious telecom outlook in which a 30% sequential drop was forecast.

For the quarter, capital expenditures were about $95 million. Inventory turns were flat sequentially at 8x. Jabil expects to take $84.6 million in restructuring charges for the quarter.

The company said it expects to file a complete annual report by the Nov. 14 filing deadline.

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