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Friday, February 6, 2009

Multi Fineline Electronix (MFLX) guides down

In early January they had guided higher – at the time that seemed very at odds with what was going on around them.  They’re a handset supplier, you see.  They reported, number was in-line with preannouncement.  Guidance for the March quarter is for a decline of 13-22% q/q with gross margins dropping to 13-15% from their current 15.2%.  Customers of significance for MFLX are RIMM, AAPL, ERIC and MOT.  RIMM dominated the quarter, becoming 34% of sales and was likely the source of the upside as MFLX is designed into both the Bold and the Storm and both had strong sell-in to carriers.  It’s unclear who the weakness is – Motorola is frankly too small to matter much for them.  My guess?  Ericsson and Apple with more moderate plans due to seasonality.

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