SAN FRANCISCO (Reuters) -
Flextronics International Ltd., the largest contract electronics manufacturer, Tuesday posted a quarterly profit after a year-earlier loss as sales topped even the most optimistic forecasts.
Singapore-based Flextronics said that for the third quarter ended Dec. 31 it had net income of $21.4 million, or 4 cents per share, compared with a year-earlier net loss of $6.5 million, or 1 cent per share.
Revenue rose to $4.15 billion compared with year-ago revenue of $3.85 billion.
Excluding amortization expenses, previously announced restructuring costs and litigation settlement costs, the company said it had a profit of $93.9 million, or 17 cents a share, compared with a year- earlier profit before items of $66.2 million, or 13 cents a share.
Analysts, on average, had expected the company to post a profit of 14 cents a share, within a range of 13 to 16 cents, on revenue of $3.84 billion, according to Reuters Research. The highest revenue estimate was for $3.95 billion.
Flextronics also said it expects fourth-quarter pro forma earnings per share of 9 cents to 11 cents on revenue of $3.40 billion to $3.60 billion. Both of those forecasts are above the current average estimates of analysts.
Shares of Flextronics (FLEX: Research, Estimates) rose in after-hours trade to $17.90. In regular trade, the stock fell 70 cents, or 3.9 percent, to $17.07, on the Nasdaq.
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