Flextronics Climbs on Surprise Profit
The company returns to profitability ahead of schedule.
Flextronics
(FLEX) - Get Report
was moving up in the premarket Instinet session after reporting a surprise profit in its fiscal fourth quarter.
The contract electronics manufacturer earned $5.74 million, or 1 cent a share, on revenue of $3.3 billion in the fiscal fourth quarter ended March 31. That compared with a loss of $193.2 million, or 41 cents a share, in the same quarter a year ago. The company had previously said it wouldn't post a bottom-line profit before the quarter that ends in September.
On a pro forma basis that excludes amortization and one-time charges, the company earned $61.4 million, or 12 cents a share, meeting the consensus estimate compiled by First Call.
The shares were up about 5% to $14.10 on Instinet.
