ANAHEIM, CA – Multi-Fineline Electronix today reported fiscal third-quarter net sales were $191.8 million, up 6% year-over-year. 

The increase was attributed primarily to continued strength of smartphone and tablet programs the company won in recent quarters.

GAAP net income was $8.8 million, up 267% compared to the same period in fiscal 2010. 

During the quarter, improved product mix and operating efficiencies were more than offset by higher labor costs in China, pricing pressure and an appreciating Chinese Yuan, the firm says.

“While we achieved year-over-year net sales growth of 6% during the third quarter, our top-line results were below our expected guidance range.  As we reported in our pre-announcement last month, net sales were impacted by a reduction in demand primarily from one key customer in the latter part of the quarter.  Going forward, we remain optimistic about our ability to drive profitable growth.  In addition, we plan to initiate a new share repurchase program during the fourth quarter,” said CEO Reza Meshgin.

For the fourth quarter, the firm expects net sales in a range between $190 million and $210 million.

• Prev
• Next