Flextronics beats Street 2Q forecasts

SINGAPORE (AP) _ Flextronics International Ltd. (FLEX) on Thursday reported fiscal second-quarter net income of $205.1 million, after reporting a loss in the same period a year earlier.

The Singapore-based company said it had profit of 38 cents per share. Earnings, adjusted for non-recurring gains, were 27 cents per share.

The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 25 cents per share.

The electronics designer and manufacturer posted revenue of $6.27 billion in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $6.1 billion.

For the current quarter ending in January, Flextronics expects its per-share earnings to range from 28 cents to 32 cents.

The company said it expects revenue in the range of $6.3 billion to $6.7 billion for the fiscal third quarter.

Flextronics shares have risen 21 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $17.35, an increase of 27 percent in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FLEX at https://www.zacks.com/ap/FLEX

By using Yahoo you agree that Yahoo and partners may use Cookies for personalisation and other purposes