Flextronics misses 1Q profit forecasts

SINGAPORE (AP) _ Flextronics International Ltd. (FLEX) on Thursday reported fiscal first-quarter profit of $124.7 million.

On a per-share basis, the Singapore-based company said it had profit of 23 cents. Earnings, adjusted for one-time gains and costs, came to 24 cents per share.

The results missed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 26 cents per share.

The electronics designer and manufacturer posted revenue of $6.01 billion in the period, topping Street forecasts. Five analysts surveyed by Zacks expected $5.9 billion.

For the current quarter ending in October, Flextronics expects its per-share earnings to range from 24 cents to 28 cents.

The company said it expects revenue in the range of $5.9 billion to $6.3 billion for the fiscal second quarter.

Flextronics shares have increased 19 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $17.09, a climb of 34 percent in the last 12 months.

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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

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Keywords: Flextronics International, Earnings Report

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