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ANAHEIM, Calif. - Multi-Fineline Electronix Inc. said Thursday that its fiscal first-quarter profit rose almost 4 percent, aided by increased sales to two customers, but it issued second-quarter revenue expectations below Wall Street views.
Shares of the company, which makes components for smart phones and other electronics, fell $2.62, or 14 percent, in after-hours trading, having finished regular trading down $1, or 5 percent, at $19.02.
Multi-Fineline Electronix earned $14.1 million, or 56 cents per share, in the quarter that ended Dec. 31, compared with $13.6 million, or 54 cents per share, in the year-earlier quarter.
The company's revenue climbed almost 18 percent to $216.6 million.
Analysts polled by Thomson Reuters, who generally exclude special items from their estimates, expected a profit of 51 cents per share on $215.3 million in revenue.
Multi-Fineline predicted second-quarter revenue of $170 million to $190 million, which represents growth of 4 to 16 percent over the second quarter of fiscal 2008 but is lower than the $200.6 million in revenue analysts are looking for.
"We remain concerned regarding the potential impact that a prolonged economic slowdown could have on customer demand, and recently we have begun to see softness in customer orders," Chief Executive Reza Meshgin said in a statement.
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Data is a real-time snapshot *Data is delayed at least 15 minutes