SINGAPORE (dpa-AFX) - Flextronics International Ltd. (FLEX), Thursday reported a plunge in third-quarter profit, that also missed analysts expectations. Flextronics' net income for the third quarter was $102.2 million or $0.14 per share, compared to $198.3 million or $0.26 per share last year. On an adjusted basis, net income for the quarter was $127.8 million or $0.18 per share, compared to $192.6 million or $0.25 per share last year. On average, 20 analysts polled by Thomson Reuters expected earnings of $0.20 per share for the quarter. Analysts' estimates typically exclude one-time items. Net sales for the quarter decreased 4 percent to $7.49 billion from $7.83 billion last year. Analysts on a consensus estimated revenues of $7.46 billion for the quarter. Looking forward to the fourth quarter, the company expects adjusted earnings in a range of $0.22 to $0.24 per share. Net earnings are expected to be lower than the guidance provided by about $0.04 per share for quarterly intangible amortization and stock-based compensation expense. Analyst currently estimate earnings of $0.23 per share for the quarter. For the fourth quarter, the company expects revenues in a range of $6.3 billion to $6.6 billion, reflecting the combination of reduced revenue contribution from our exited ODM PC business and normal seasonality. Analysts currently estimate revenues of $6.79 billion for the quarter.
Copyright RTT News/dpa-AFX
© 2012 AFX News
