SINGAPORE (dpa-AFX) - Electronics manufacturing services provider Flextronics International Ltd. (FLEX), Thursday reported a drop in third-quarter profit, due mainly to lower revenues and charges related to exit from ODM PC business. Adjusted earnings for the quarter came in short of Street estimates while revenues beat expectations. Flextronics' net income for the quarter dropped to $102.2 million or $0.14 per share from $198.3 million or $0.26 per share in the year-ago quarter. Excluding stock-based compensation expense and intangible amortization, net income for the quarter was $128 million or $0.18 per share, compared with $192.6 million or $0.25 per share last year. On average, 13 analysts polled by Thomson Reuters expected earnings of $0.20 per share for the third quarter. Analysts' estimates typically exclude special items. Results for the quarter included about $70 million in losses and other charges primarily related to the completion of the company's exit of the ODM PC business during the quarter. The Singapore-headquartered company said that, with the transition done, margin profile would improve substantially in future quarters with less variability. Net sales for the quarter dropped 4 percent to $7.5 billion from $7.8 billion in the year-ago quarter. Twelve Street analysts expected revenues of $7.46 billion for the quarter. For the fourth quarter ending March 31, the company expects earnings in the range of $0.18 to $0.20 per share, including about $0.04 per share for quarterly intangible amortization and stock-based compensation expense. Excluding the expense, adjusted earnings for the fourth quarter is expected to be in the range of $0.22 to $0.24 per share. Revenue for the fourth quarter is expected in the range of $6.3 billion to $6.6 billion. The Street currently expect earnings of $0.23 per share for the March quarter on revenues of $6.8 billion. FLEX closed Thursday's regular trading at $6.72, up $0.29 or 4.51%, on the Nasdaq. Over the past year, the stock traded in a range of $5.05 - $8.46.
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