Why Flextronics (FLEX) Stock Is Up After-Hours Today

NEW YORK (TheStreet) -- Flextronics (FLEX) was gaining 3.1% to $9.27 in after-hours trading Wednesday after beating analysts' estimates for earnings and revenue in the fiscal fourth quarter.

In its fiscal fourth quarter Flextronics reported an EPS of 24 cents a share, beating the Capital IQ Consensus of 20 cents a share by 4 cents. Revenue grew 26.8% year-over-year to $6.72 billion in the quarter. Analysts expected revenue of $6.1 billion.

The increased revenue was due to higher demand for video game consoles and smartphones. Flextronics produces the Xbox One for Microsoft (MSFT) and smartphones for Google (GOOG).

"Fiscal 2014 marked a year of continuous improvement and execution," Flextronics CEO Mike McNamara said in a press release. "We consistently grew revenue, adjusted operating profit dollars, and adjusted EPS sequentially every quarter from our March through a year ago through our December quarter. And while we are very pleased to have exceeded expectations for all three metrics this quarter, we remain focused on providing industry-leading, end-to-end supply chain solutions, driving growth and executing our strategy."

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TheStreet Ratings team rates FLEXTRONICS INTERNATIONAL as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:

"We rate FLEXTRONICS INTERNATIONAL (FLEX) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, solid stock price performance, increase in net income and growth in earnings per share. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."

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