Shares of Multi-Fineline Electronix Inc., an Anaheim maker of circuit boards for wireless phones and other devices, soared 23.2% early Thursday after the company upped its profit outlook for the quarter ending on Saturday.
The surge pushed Multi-Fineline’s market value to just more than $1 billion.
On Wednesday, the company, which goes by M-Flex, said it expects net income of $15 million and $17.5 million for the quarter, up from the $11 million to $12.4 million forecast in November.
“Exceptionally strong” sales of circuit boards for wireless phones drove the higher forecast, according to Chief Executive Phil Harding.
M-Flex makes a special kind of circuit board that is flexible. It sits inside flip-open wireless phones and other devices, including personal digital assistants and bar code scanners.
About 75% of M-Flex’s business comes from Motorola Inc. Other customers include Symbol Technologies Inc., Royal Philips Electronics NV and Research In Motion Ltd.
“M-Flex is benefiting from even stronger Motorola demand than we had anticipated and we now expect the momentum to continue into the first quarter of the 2006 calendar year as new high-end models ramp,” Morgan Stanley analyst Aaron Husock wrote in a research note.
