Flextronics Quarterly Sales Trump Wall Street, But Net Misses

By Features FOXBusiness

Flextronics (FLEX) said late Thursday that sales in June reached their second-highest level in the company's history and will continue to grow throughout the year, though the earnings results missed views. 

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Revenue for the three months ended July 1 was $7.55 billion, up 15% from $6.56 billion a year ago, beating the Streets view of $7.34 billion.

Every one of our four core business groups grew double digits year-over-year and our revenue marked the second highest June quarter in our history, Flextronics CEO Mike McNamara said in a statement. We expect our revenue growth to continue next quarter.

The Singapore-based maker of circuit boards and other electronics manufacturing services posted net income of $132 million, or 17 cents a share, up 12% compared with $118 million, or 14 cents a share, in the same quarter last year.

Excluding one-time items, the company earned 21 cents a share, missing average analyst estimates polled by Thomson Reuters of 22 cents.

For the current quarter ending September 30, Flextronics expects to book non-GAAP earnings in the range of 21 cents to 23 cents a share on sales between $7.6 billion and $8 billion.

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Analysts are predicting slightly better earnings of 24 cents on sales of $8.34 billion.

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