SINGAPORE (dpa-AFX) - Flextronics (FLEX) reported that its first-quarter net income increased to $174 million or $0.29 per share, from $59 million or $0.09 per share, last year. Adjusted net income was $148 million or $0.25 per share, for the quarter.
On average, 13 analysts polled by Thomson Reuters expected the company to report profit per share of $0.22 for the quarter. Analysts' estimates typically exclude special items.
Net sales rose year-over-year to $6.64 billion from $5.79 billion. Analysts expected revenue of $6.29 billion for the quarter.
Mike McNamara, CEO at Flextronics, said: 'During the June quarter, all four of our business groups exceeded our expectations and both our IEI and our HRS businesses reached record levels for quarterly sales.'
For the second quarter, the company expects revenue to be in the range of $6.2 to $6.6 billion and adjusted EPS to be in the range of $0.22 to $0.26. The company said its GAAP earnings per share is expected to be lower than the guidance provided herein by approximately $0.03 per share for intangible amortization and stock-based compensation expense. Analysts expect the company to report second-quarter earnings per share of $0.26 on revenue of $6.56 billion.
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