Wednesday, July 27, 2005
Flextronics International posted a drop in net profits after a restructuring charge, but sales were stronger-than-expected.
Net income for the Singapore-based company in its fiscal first quarter ended June 30 dropped to $58.7 million, or 10 cents per diluted share, compared with the $74.3 million, or 13 cents per diluted share.
The latest quarter's results included $32.7 million to cover the costs of a previously announced restructuring program. Excluding these charges, Flextronics posted profits of 17 cents a share, topping Wall Street's consensus hopes.
Revenue was flat at $3.90 billion. Analysts had been looking for revenue, on average, of $3.78 billion, according to Reuters Estimates data.
By: DocMemory
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