Monday, Flextronics International Ltd. (FLEX) reported second-quarter net income of $19.6 million or $0.02 per share, compared to net income of $38.5 million or $0.05 per share in the year ago quarter.
On an adjusted basis, the company reported net income was $104 million or $0.13 per share. For the year ago quarter the company reported adjusted earnings of $280 million or $0.28 per share.
On average, 14 analysts polled by Thomson Reuters expected the company to earn $0.09 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter were $5.83 billion, compared to net sales of $8.9 billion a year ago. Analysts expected the company to report revenue of $5.77 billion for the quarter.
Looking ahead to the third quarter, the company expects revenue to be in the range of $6.0 billion - $6.4 billion. Earnings for the quarter are expected to be lower than the guidance provided herein by approximately $0.07 per share for estimated restructuring activities, quarterly intangible amortization, stock-based compensation expense and non-cash interest expense. On an adjusted basis, earnings are expected to be in the range of $0.14 - $0.16 per share. Analysts expected the company to earn $0.13 per share on revenue of $6.24 billion for the quarter.
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