ST. PETERSBURG, Fla. (AP) — Jabil Circuit Inc. shares sank in extended trading Tuesday after the electronics product company reported a disappointing fiscal first-quarter profit and gave a dismal second quarter forecast. The company also said Tuesday that it plans to sell its aftermarket services business to iQor Holdings Inc. for $725 million . Jabil said the sale of the consumer electronics-focused repair business, which generated revenue of $1.1 billion in 2013, will allow Jabil to focus on its engineering and manufacturing business. The St. Petersburg, Fla. , company said after the market closed that it earned $118.1 million , or 57 cents per share, for the quarter that ended Nov. 30 . That's up from $105.8 million , or 51 cents per share, earned in the same quarter last year. On an adjusted basis it earned 51 cents per share. Revenue was roughly flat at $4.61 billion versus $4.64 billion last year. Analysts polled by FactSet were anticipating earnings of 54 cents per share on revenue of $4.47 billion , according to FactSet. Jabil also said that it expects to earn 5 to 15 cents for its second quarter on an adjusted basis with revenue between $3.5 billion and $3.7 billion . Analysts were anticipating earnings of 52 cents per share on revenue of $4.29 billion . New York -based iQor will pay $675 million in cash and $50 million in senior nonconvertible preferred stock. The deal is expected to close in Jabil's third fiscal quarter of 2014. Additionally, Jabil said Tuesday that it plans to buy back up to $200 million of the company's common stock over the next 12 months. Shares fell more than 10 percent in after-hours trading to $17.67 . Its stock added 4 cents to close the day at $19.72 .
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