Flextronics Q1 Profit Meets Estimate

(RTTNews) - Contract electronics manufacturer Flextronics International Ltd. (FLEX) reported net income for the first quarter of $111 million or $0.19 per share, compared to $174 million or $0.29 per share for the year-ago quarter.

Excluding items, adjusted net income for the first quarter was $134 million or $0.23 per share, compared to $148 million or $0.25 per share in the prior year quarter.

Net sales for the first quarter fell to $5.57 billion from $6.64 billion a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.23 per share on revenue of $5.89 billion for the first quarter. Analysts' estimates typically exclude special items.

Looking forward to the second quarter, the company forecasts revenue of $5.9 billion to $6.5 billion and adjusted earnings of $0.22 to $0.28 per share. Analysts currently expect the company to earn $0.25 per share on revenue of $6.23 billion for the second quarter.