Updated from 4:27 p.m. EDTFlextronics ( FLEX) swung to a fiscal second-quarter loss from a profit a year ago as divestitures contributed to a 6% drop in sales. The company on Tuesday also projected results for the next two quarters short of analysts' expectations, noting broad-based softness among customers. After that, company executives said they expect "good growth" to resume in the March quarter and accelerate through calendar 2006. But investors focused on the disappointing shorter-term outlook and latest results, punishing the stock with a drop of $1.59, or 13.4%, to $10.51 in recent after-hours trading. Shares closed the regular session up 7 cents, or 0.6%, at $12.10. The contract electronics manufacturer posted a loss of $2.4 million, or break-even on a per-share basis, in the quarter, compared with net income of $92.6 million, or 16 cents a share, a year ago. Restructuring charges totaled $50.3 million in the latest quarter, compared with $33.5 million a year ago. Excluding those and other items, Flextronics earned 17 cents a share in the second quarter, flat from a year ago. That was 2 cents under analysts' estimates of 19 cents a share gathered by Thomson First Call and a penny short of the company's guidance. Sales were $3.88 billion in the latest quarter, down from $4.14 billion a year ago. Analysts had been forecasting second-quarter sales of $4.11 billion, which was toward the higher end of the company's guided range of $3.8 billion to $4.2 billion. "Our year-over-year revenue comparisons are adversely impacted by the divestitures of our network services and semiconductor divisions along with the impact from two European OEM customers divesting their cell-phone businesses during the past year," CEO Michael Marks said in a statement. "We expect the December 2005 quarter revenue comparison to be the last quarter adversely impacted by these customer actions," he said. After that, Flextronics expects new programs involving its purchase from Nortel Networks ( NT) and client Kyocera should help growth to start kicking in again, Marks said in a postclose conference call.