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SAN JOSE, Calif., Jan. 28, 2015  — Flextronics, a leading end-to-end supply chain solutions company, today announced results for its third quarter ended December 31, 2014.

 

(Note: Flextronics operates the former Stellar Microelectronics facility in the Valencia Commerce Center, which it purchased in 2012.)

 

 

(US$ in millions, except EPS)

Three Month Periods Ended

December 31,

September 26,

December 31,

2014

2014

2013

Net sales

$7,025

$6,529

$7,183

Adjusted operating income

207

183

187

GAAP operating income

193

172

174

Adjusted net income

175

157

164

GAAP net income

153

139

145

Adjusted EPS

0.30

0.26

0.26

GAAP EPS

0.26

0.23

0.23

 

 

Flextronics2Third Quarter Results of Operations

Net sales for the third quarter ended December 31, 2014 were $7.0 billion, exceeding the Company’s previously provided revenue guidance of $6.4 billion to $6.8 billion.  The Company’s adjusted earnings per diluted share of $0.30 for the third quarter ended December 31, 2014 also exceeded the Company’s previously provided guidance of $0.24 to $0.28.

The Company’s third quarter adjusted operating income increased 11 percent year-over-year to $207 million, which exceeded its guidance range of $175 million to $205 million.

“The Flextronics team continues to deliver on our core innovation strategies and initiatives, allowing us to achieve our financial targets,” said Mike McNamara, chief executive officer at Flextronics. “We reported solid results across our business groups which is evidenced by our 15% year-over-year growth in earnings per share.” He added, “We will continue to provide the most innovative end-to-end supply chain solutions going from sketch to scale, increasing our customer’s competitive advantage in the marketplace.”

“Our commitment to return shareholder value was further demonstrated by repurchasing approximately 8 million shares during the quarter for $84 million,” said Chris Collier, chief financial officer at Flextronics. “We continue to operate with discipline and delivered another strong quarter of free cash flow generation of $337 million.”

Guidance
For the fourth quarter ending March 31, 2015, revenue is expected to be in the range of $6.0 to $6.4 billion and adjusted EPS is expected to be in the range of $0.23 to $0.27 per diluted share.

GAAP earnings per share is expected to be lower than the guidance provided herein by approximately $0.04 per diluted share for intangible amortization and stock-based compensation expense.

About Flextronics
Flextronics International Ltd. (Reg. No. 199002645H) is a leading end-to-end supply chain solutions company that delivers innovative design, engineering, manufacturing and logistics services to a range of industries and end-markets, including data networking, telecom, enterprise computing and storage, industrial, capital equipment, appliances, automation, medical, automotive, aerospace and defense, energy, mobile, computing and other electronic product categories. Flextronics is an industry leader with $26 billion in sales, generated from helping customers design, build, ship, and service their products through an unparalleled network of facilities and innovations centers in approximately 30 countries and across four continents. Flextronics service offerings and vertically integrated component technologies optimize customer supply chains by lowering costs, increasing flexibility, and reducing time-to-market. For more information, visit www.flextronics.com or follow us on Twitter @flextronics.

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