Flextronics International Q1 Profit Down

(RTTNews) - Flextronics International Ltd. (FLEX), Thursday reported first-quarter net income of $59.2 million or $0.09 per share, compared to $128.5 million or $0.19 per share last year.

Adjusted earnings for the quarter was $0.18 per share, compared to $0.21 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.14 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter dropped to $5.79 billion from $5.98 billion last year. Analysts estimated revenues of $5.45 billion for the quarter.

For the second quarter, the company expects adjusted earnings of $0.19 to $0.22 per share, and revenues of $6.1 billion to $6.4 billion. Analysts polled by Thomson Reuters currently estimate earnings of $0.21 per share on revenues of $6.08 billion for the quarter.