Contract electronics maker Jabil Circuit Inc said it would sell its aftermarket services business for $725 million. Jabil shares fell 5 percent in extended trading after closing at $19.72 on the New York Stock Exchange on Tuesday.The company expects the sale of the business to iQor Holdings Inc to close in the third quarter.Jabil also said net income attributable to the company rose to $117.9 million, or 57 cents per share, in the first quarter, from $105.8 million, or 51 cents per share, a year earlier.Revenue fell marginally to $4.61 billion.
Jabil Circuit, Inc. (Jabil), is a providers of worldwide electronic manufacturing services and solutions. Shares of JBL traded higher by 0.2% or $0.04/share to $19.72. In the past year, the shares have traded as low as $16.39 and as high as $24.32. On average, 2866930 shares of JBL exchange hands on a given day and today's volume is recorded at 5512619.
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