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Technology Stocks : Flextronics International (FLEX)
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To: Judy Muldawer who wrote (1127)7/16/1999 12:57:00 PM
From: MGV  Read Replies (1) of 1422
 
Judy,

The short answer is that revenue # came in about $20-30 MM below most of the street's estimates. They were able to make consensus bottom line despite revenue shortafll because of gross and operating margin increases. Because the share price had run up recently, the revenue shortfall was enough to cause the sell off. Soundview, I understand, downgraded the stock. Most everyone raised estimates going forward. That is the key.

FLEX will do fine. I used the dip as an opportunity to add. The reason for the revenue shortfall was two programs that slid into the current quarter. Second, guidance forward is outstanding. I understand revenues for the coming year have been guided up by as much as 25% to make this year's forward expected revenue increase come to over 60%.
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