Flextronics 2Q net income falls 21 percent

Flextronics 2nd-quarter net income falls 21 percent; revenue rises 4 percent

Associated Press

NEWS: Electronics designer and manufacturer Flextronics International Ltd. said Tuesday that its fiscal second-quarter net income fell 21 percent, while its revenue rose slightly.

BOARD CHANGES: The San Jose, Calif.-based company also said that James Davidson is resigning from its board of directors, effective Friday. Flextronics did not announce a replacement.

NUMBERS: Flextronics reported that its net income fell to $118.2 million, or 19 cents per share, in the quarter ending Sept. 27. That compares to net income of $150.5 million, or 22 cents per share, in the same quarter a year ago.

Adjusted to remove one-time charges, the company reported earnings of 22 cents per share.

Analysts expected adjusted earnings of 20 cents per share, according to FactSet.

Revenue rose 4 percent in the second quarter to $6.41 billion from $6.17 billion a year ago.

Analysts expected revenue of $6.28 billion.

FUTURE: For the third quarter, the company expects adjusted earnings between 21 cents per share and 25 cents per share. It expects revenue between $6.5 billion and $6.9 billion.

Analysts expected earnings of 25 cents per share and revenue of $6.8 billion.

STOCK: In after-hours trading, shares fell 16 cents, or 1.8 percent, to $8.69. They fell 13 cents, or 1.4 percent, to close at $8.85 during normal trading hours. Through Tuesday's close, they are up 43 percent for the year.

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