Flextronics International Ltd. (FLEX) posted fiscal first-quarter results that beat expectations and gave revenue guidance that topped the Street’s view.
The electronics-maker predicted fiscal second-quarter earnings in the range of 19 cents to 21 cents a share on revenue between $6.8 billion and $7.2 billion. The view was in-line with expectations for earnings per share, while the revenue forecast topped estimates; analysts polled by Thomson Reuters were looking for earnings of 20 cents a share on revenue of $6.75 billion.
For the fiscal first quarter, the company posted a profit of $118.2 million or 14 cents a share, up from last year’s first-quarter loss of $154 million or 19 cents a share. Adjusted earnings improved to 19 cents a share, up from year-ago earnings of 8 cents.
Revenue increased 14% to $6.57 billion, up from revenue of $5.78 billion in the fiscal first quarter of 2009. Gross margin widened to 5.6%, up from 3.9%, one year ago.
The results topped expectations as the Street had expected adjusted earnings of 18 cents a share on revenue of $6.39 billion.
"Our business environment remains healthy. Despite what appears to be an uncertain macro-environment, our orders and forecast continue to improve and we are again forecasting sequential growth in the upcoming quarter across all the markets we serve," said Mike McNamara, CEO of Flextronics, in a release.
Shares of Flextronics rose 37 cents or 5.98% to close at $6.56 a share. The stock was inactive in after-hours trading.
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