Flextronics posts higher Q3 earnings

Flextronics posts higher Q3 earnings as sales increase, but misses expectations

Flextronics International Ltd. reported a huge profit increase for its latest quarter amid higher sales.

The Singapore-based company Tuesday said it earned $98.7 million, or 17 cents a share, on revenue of $4.28 billion in the fiscal third quarter ended Dec. 31.

In the same period a year earlier, it earned $21.4 million, or 4 cents a share, on revenue of $4.15 billion.

Excluding amortization, restructuring and other charges, earnings climbed to $116.3 million, or 20 cents a share, from $93.9 million, or 17 cents a share.

Analysts were expecting earnings of 19 cents a share, excluding items according to Thomson First Call.

The company continues to expect fourth-quarter earnings of 15 cents to 18 cents a share before items.

Analysts are expecting earnings of 16 cents a share, according to First Call.

Flextronics expects income of 17 cents to 20 cents a share for the first quarter and assumes its first-quarter revenue will increase to $4.1 billion to $4.5 billion from $3.88 billion a year ago.

Flextronics said its quarterly earnings will be reduced by amortization costs of 2 cents to 3 cents a share.

In the nine months ended Dec. 31, the company earned $265.6 million, or 46 cents a share, on revenue of $12.3 billion.

In the same period a year earlier, it lost $368 million, or 70 cents a share, on revenue of $10.8 billion.

The company reported its results after the close of the Nasdaq Stock Market. In extended trading, the shares were up 58 cents, or 4.7 percent at $13.