Solectron Beats by a Penny

Revenue rises for the quarter and is in line with Street estimates.

Author:: TSC Staff
Publish date:: Jun 28, 2007 4:37 PM EDT

Third-quarter profit at

Solectron

( SLR) rose from a year ago, beating Street estimates.

Excluding items, the electronics manufacturing services company said Thursday that net income for the quarter ended June 1, 2007 was $50.2 million, or 6 cents a share, rising from $38 million, or 4 cents a share, last year.

That edges out the Thomson First Call consensus analyst estimate of a nickel a share.

Revenue at Milpitas, Calif.-based Solectron rose 10.5% to $2.99 billion from $2.70 billion a year earlier. First Call estimates called for sales of $2.98 billion.

In extended trading, shares of Solectron rose a penny to $3.81.

Early in June,

Flextronics

(FLEX) - Get Report

agreed to pay $3.6 billion to buy Solectron in a deal expected to close in the fourth calendar quarter of 2007.

Mid-February,

CEO Mike Cannon resigned his post to take a job heading up

Dell's

(DELL) - Get Report

global operations.