U.S. Markets close in 37 mins

Flextronics beats Street 4Q forecasts

SINGAPORE (AP) _ Flextronics International Ltd. (FLEX) on Thursday reported fiscal fourth-quarter earnings of $86.9 million.

The Singapore-based company said it had profit of 16 cents per share. Earnings, adjusted for one-time gains and costs, came to 29 cents per share.

The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 28 cents per share.

The electronics designer and manufacturer posted revenue of $5.86 billion in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $5.67 billion.

For the year, the company reported profit of $319.6 million, or 59 cents per share. Revenue was reported as $23.86 billion.

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

The company said it expects revenue in the range of $5.7 billion to $6.1 billion for the fiscal first quarter.

Flextronics shares have risen 11 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $16.02, a rise of 29 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

_____

Keywords: Flextronics International, Earnings Report