posted in-line first-quarter results Tuesday, but said second-quarter results would trail forecasts and outlined a $1.5 billion financing package to meet its near-term debt obligations.
The Milpitas, Calif.-based company lost $52.5 million, or 8 cents a share, before $72.9 million of restructuring charges in the quarter ending Nov. 30. Excluding certain charges, Solectron's broke even in the quarter, while on a "cash" basis it earned 5 cents a share, matching estimates. The company expects second-quarter cash earnings of between 1 cent and 4 cents a share, slightly below analysts' estimates.
The company also said it would offer $1 billion in adjustable conversion-rate equity security units, or ACES, and that it received a pledge for $500 million of revolving credit facilities. Solectron saw its shares dive in preopen trading, although volume was relatively thin. The stock lost $2.01, or 13.6%, to $12.80.