NEW YORK (TheStreet) -- Flextronics International (FLEX) - Get Report stock is advancing by 8.50% to $10.34 in mid-morning trading on Friday, after the supply chain and manufacturing logistics company reported better than expected fiscal 2016 third quarter financial results after yesterday's market close.

The San Jose, CA-based company posted earnings of 35 cents per share on $6.76 billion in revenue for the quarter ended December 31.

Analysts surveyed by Thomson Reuters had estimated for earnings of 30 cents per share on revenue of $6.51 billion for the latest quarter.

Revenue dropped by 4%, compared with the same period in fiscal 2015, because of a 22% decline in revenue from the Consumer Technologies Group, which works with manufacturers of PCs, wearables, gaming and connected home products.

Integrated Network Solutions revenue increased by 5% to $2.47 billion for the latest quarter, while the Industrial and Emerging Industries and High Reliability Solutions segments saw double-digit growth.

Separately, Flextronics has a "buy" rating and a letter grade of B- at TheStreet Ratings because of the company's respectable return on equity which is likely to continue and offset the company's high debt management risk.

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You can view the full analysis from the report here: FLEX

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. 

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