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.
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.