Flextronics restates fourth-quarter profit

Posted by Staff on 2012-05-29 06:07:00 | Views: 42 |

Flextronics restates fourth-quarter profit

Tue May 29, 2012 7:07am EDT

(Reuters) - Contract electronics manufacturer Flextronics International Ltd revised down its fourth-quarter profit by $32 million, or about 20 percent, saying it would not be able to recover inventory and accounts receivable from one of its customers.

The company restated its fourth-quarter profit to $124.7 million, or 18 cents per share, from its reported profit of $156.7 million, or 22 cents per share.

On an adjusted basis, the company lowered its earnings to 24 cents per share on a continuing basis, from 24 cents per share.

Analysts expected earnings of 23 cents a share, excluding items, according to Thomson Reuters I/B/E/S.

The company reported fourth-quarter results on May 1.

Flextronics said it took the $32 million charge after a customer in the concentrated solar photovoltaic market faced liquidity issues.

"This subsequent event has no effect on our ongoing operations, did not result in a material change to the company's balance sheet, and had no effect on cash flows from operations or free cash flows for fiscal year 2012," Chief Financial Officer Paul Read said in a statement.

Flextronics shares closed at $6.42 on Friday on the Nasdaq.

(Reporting by Supantha Mukherjee in Bangalore; Editing by Roshni Menon)