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Nam Tai Shares Jump 20.6%

The electronics company posts a sharp increase in second-quarter sales.

Shares of

Nam Tai Electronics

(NTE)

were soaring Tuesday after the company posted a sharp increase in second-quarter sales.

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Shares of the company were up 20.6% at $17.99 around midday.

The company said sales were $116 million in the quarter ended June 30, compared with $52.3 million in the second quarter of last year. Analysts were looking for the company to have $80 million in sales. Quarterly results will be released July 25 after the market closes.

"We are very pleased to achieve these encouraging results despite the uncertain market conditions. This is the third consecutive quarter that Nam Tai has achieved new record-breaking sales," said Tadao Murakami, chairman of the company.

Vancouver-based Nam Tai provides electronics manufacturing and design services to telecommunications and consumer electronic equipment manufacturers.