This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Flextronics Misses Estimates

Electronics manufacturing services provider Flextronics (FLEX - Get Report) fell short of consensus earnings estimates for the fourth quarter, and the company neared completion of the plan to reduce production capacity and cut its workforce.

Flextronics posted income of 22 cents a share, coming in below the Thomson Financial/First Call consensus estimate of 24 cents. The company earned 17 cents in the year-ago period.

Sales for the quarter totaled $3.11 billion, up 40% from $2.23 billion in the same period last year. Sales for the entire fiscal year 2001 reached $12.1 billion, up 74% from the previous year.

The company recorded a charge of $276 million in the fourth quarter for restructuring purposes, and will take another charge of $10 million to $20 million in the next quarter for the same reason. The company's restructuring plan includes the elimination of 10% of its workforce and a 15% cutback in capacity. Flextronics also said that "revenue over the next couple quarters will be in line with that of the immediately preceding quarters."

Shares of Flextronics closed the regular Nasdaq trading session at $22.17, down 28 cents on the day, before gaining back 6 cents to $22.23 in after-hours Instinet action.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
FLEX $12.15 0.00%
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs