SINGAPORE (AP) _ Flex Ltd. (FLEX) on Thursday reported fiscal first-quarter net income of $51.8 million.
The Singapore-based company said it had profit of 10 cents per share. Earnings, adjusted for non-recurring costs and stock option expense, were 23 cents per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 18 cents per share.
The electronics designer and manufacturer posted revenue of $5.15 billion in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $5.01 billion.
Flex expects full-year earnings in the range of 25 cents to 31 cents per share, with revenue in the range of $5.4 billion to $5.7 billion.
Flex shares have declined roughly 8% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $11.65, a climb of almost 2% in the last 12 months.