Date: Tuesday August 16, 2005 08:05:00 am
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EMS Firms Hurt By Weaker Lexmark, Artesyn Guidance
In a review of the
electronics manufacturing services (EMS) industry, Credit Suisse First Boston
said Flextronics International could see weaker printer numbers after
Lexmark recently reported lower second-quarter revenue, citing difficult
conditions in the printer market.“[Lexmark] Management guided third-quarter year-over-year revenue growth of
low single-digits, also below consensus. Impact: Could indicate similarly
negative demand read for HP inkjets, which are 8% to 10% revenue for
Flextronics.”Flextronics, rated by CSFB at “outperform” with a $16 price target, reports
fiscal first-quarter results today after the close of trading.The research firm also noted that guidance from Artesyn Technologies
may indicate weaker demand for wireless infrastructure products. Artesyn said
second-half revenue growth would range from 8% to 10%, compared with the
consensus forecast of 18%, according to CSFB.“Artesyn stated wireless customers are reducing demand due to 3G rollout
delays in North America and China. Impact: Confirmation of 3G wireless
infrastructure delay is negative for EMS wireless infrastructure
exposures
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