Hon Hai Net Misses Estimates on Higher Costs, Unit Losses

Hon Hai Precision Industry Co., manufacturer of Apple Inc.’s iPad and iPhone, posted profit which missed analyst estimates after raising wages, spending to build factories and losses at its Hong Kong unit.

First-quarter net income climbed 3.6 percent to NT$14.9 billion ($510 million), from NT$14.4 billion a year earlier, the Taipei-based company said in an exchange filing today. The average of 10 analyst estimates compiled by Bloomberg was for profit of NT$21.5 billion.