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Tuesday, Mar 19, 2024
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Multi-Fineline Slumps on Sales Outlook

Shares of Anaheim’s Multi-Fineline Electronix Inc., a maker of flexible printed circuit boards for cell phones and other devices, plummeted Monday after the company gave a worse than expected sales outlook for the current and recently ended quarters.

The stock slumped more than 14% in afterhours trading on a recent market value of around $700 million.

For the current quarter, Multi-Fineline said it’s expecting to see sales of $160 million to $180 million—a range that’s below analysts’ average expectation of $210 million.

“Our … net sales projection reflects the normal seasonality after the holidays and the upcoming Chinese New Year, as well as some programs approaching the end of their life cycle,” Chief Executive Reza Meshgin said in a statement. “However, we believe our competitive position continues to be strong and our market share is unchanged with our major customers.”

Multi-Fineline’s customers include Apple Inc., Research in Motion Ltd., Motorola Inc., among others.

For the three months through December, Multi-Fineline expects to report sales of $229 million, up 6% from the same period a year earlier but short of analysts’ expected $234 million in revenue.

It didn’t give a profit outlook.

Analysts, on average, are expecting adjusted profits of $10 million for the current quarter and $14 million for the December quarter.

Multi-Fineline’s shares are up about 130% since a low point in March.

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