Multi-Fineline Electronix (MFLX), maker of flexible printed circuit boards, reported revenue for its fiscal second quarter ended March 31 of $154.1 million, down 11.5% from a year ago, and below the Street at $165.2 million. But thanks to higher-than-expected gross margin at 14.5%, the company reported EPS before special items of 24 cents a share, ahead of the Street at 22 cents.
“The decrease in net sales was due primarily to several programs reaching their end of life cycle, a shift in product mix to programs with lower flex content and, to a lesser degree, component shortages that delayed shipments of some flex assemblies,” the company said in a statement.
For FY Q3, the company sees revenue of $175 million to $195 million; the Street had been expecting $179.7 million.� MFLX sees gross margin for the quarter in the 14%-16% range.
The company also said that as part of a cost-reduction program it will cut 85 positions in Anaheim, California.
MFLX in late trading is up 8 cents, or 0.4%, to $23.26. The stock fell $1.40, or 5.7%, in the regular session.
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