Although the stocks of the electronic manufacturing services group as a whole haven't done a lot in the last six months, JabilCircuit (NYSE:JBL) has -- supporting the notion, perhaps, that while underlying industry moves are important, superior companies can still manage to outperform.

And considering the results posted for the second quarter, I can see why Jabil fans would still be enthusiastic. Revenue rose 35% in the quarter, and profits were considerably higher as well, whether you follow the numbers under generally accepted accounting principles or the company's "core" numbers (which exclude certain items like stock compensation expense and amortization).

Topping that all off, the company boosted its guidance for the next quarter. Given management's comments that demand is strong industrywide, and that it sees managing growth as its principal challenge, I think it's fair to assume that its optimism extends beyond just the next quarter's horizon.

It would appear to this Fool that Jabil has at least two strong trends working in its favor. First, companies know the benefits of outsourcing some (or occasionally all) of their manufacturing, and Jabil seems to be widely acknowledged as one of the best providers, if not the best. Second, the company continues to build up its Asian manufacturing capacity, which should be good for margins. (It certainly hasn't hurt more specialized assembler Nam Tai (NYSE:NTE).)

Given the relative stock performance of the last six months or so, Jabil doesn't look like quite as much a bargain as others like Flextronics (NASDAQ:FLEX) or Solectron (NYSE:SLR) by some of the more traditional metrics. By the same token, I'd caution Fools not to assume that these rivals are more compelling buys simply because they're a little cheaper. Sometimes, companies trade at lower relative valuations for very good reasons.

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Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).