Contract manufacturer Solectron ( SLR) posted its earnings results for the second quarter of the current fiscal year on Monday. Despite troubles stemming from a buildup of inventory and slowing demand, Solectron's revenues met consensus estimates, but the company had to issue a warning for future revenue streams. Using the oft-repeated "poor visibility" story, analysts were led like sheep to estimate revisions for the current year. From a range of $1.17 to $1.25 in full fiscal year EPS estimates, predictions were lowered closer to the $0.85-to-$0.90 range. Setting the low end for revised estimates was Credit Suisse First Boston's Herve Francois, who straggled a bit lower than the crowd with an estimate of 78 cents per share for the current year. Guess Solectron didn't quite agree with him. The next day, Francois issued a follow-up note, "after further discussion with management," again revising his EPS estimates, this time raising his current-year number to 83 cents from 78 cents. He even went so far as to note that "we would argue that our estimates could prove conservative," but not quite as conservative as they were the day before.