[Sign Up Now] to Receive Our FREE Daily SCVTV-SCVNews Digest by E-Mail

Inside
Weather
Santa Clarita CA
Sunny
Sunny
78°F
 
Calendar
Today in
S.C.V. History
November 19
2003 - U.S. Rep. Howard "Buck" McKeon introduces the first of several bills intended to block the 78-million-ton Cemex gravel mine in Soledad Canyon [story]


Flextronics International Ltd. (aka Flex), the global manufacturing and supply-chain company that acquired Valencia electronics manufacturer Stellar Microelectronics in 2012, posted its best-ever quarterly earnings Thursday of 35 cents per share, beating analysts’ expecations of 30 cents. Revenues dipped by 3.7 percent year-to-year but still came in ahead of expectations.

 

– All-time highest quarterly adjusted EPS for the Company at $0.35

– Adjusted operating margin expands at 3.5%, increasing 60 basis points year-over-year

– Adjusted operating income tops guidance at $236 million

– Strong free cash flow generation of $158 million

– Maintains commitment to return shareholder value

 

Third Quarter Fiscal 2016 Results of Operations

Flex’s net sales for the third quarter ended December 31, 2015 were approximately $6.8 billion, at the high end of its previously provided revenue guidance range of $6.2 billion to $6.8 billion. The Company’s adjusted earnings per diluted share of $0.35 was above the Company’s previously provided guidance range of $0.28 to $0.34 and represents the all – time highest quarterly adjusted EPS for the Company.

Third quarter adjusted operating income increased 20% sequentially, and 14% year-over-year, to $236 million and was above the guidance range of $195 to $235 million. Adjusted operating margin expanded 40 basis points sequentially, and 60 basis points year-over-year, to 3.5%.

“We continue to position our company as a leader in the IoT space, and our third quarter demonstrated sequential growth across all four of our business groups, resulting from new programs and an improving engagement model,” said Mike McNamara, chief executive officer at Flex. “Operating margins improved both sequentially and year-over-year, a testament to the stronger value proposition we are delivering to our customers.”

“Our adjusted earnings per diluted share were $0.35 this quarter, representing an all-time high for the Company, and we generated $278 million in cash flow from operations and $158 million in free cash flow during the quarter,” said Chris Collier, chief financial officer at Flex. “Our consistent free cash flow generation reflects our strong discipline and execution and enables our consistent stock repurchase.”

 

Guidance

For the fourth quarter ending March 31, 2016, revenue is expected to be in the range of $5.5 to $6.1 billion and adjusted EPS is expected to be in the range of $0.25 to $0.31 per diluted share.

GAAP earnings per share is expected to be lower than the adjusted EPS guidance provided herein by approximately $0.07 per diluted share for estimated intangible amortization and stock-based compensation expense.

 

About Flex

Flextronics International Ltd. is a leading sketch-to-scale™ solutions company that designs and builds intelligent products for a connected world. With approximately 200,000 professionals across 30 countries and a promise to help the world Live smarter™, the company provides innovative design, engineering, manufacturing, real-time supply chain insight and logistics services to companies of all sizes in various industries and end-markets. For more information, visit www.flextronics.com.

 

Comment On This Story
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.

0 Comments

You can be the first one to leave a comment.

Leave a Comment


Latest Additions to SCVNews.com
2003 - U.S. Rep. Howard "Buck" McKeon introduces the first of several bills intended to block the 78-million-ton Cemex gravel mine in Soledad Canyon [story]
1957 - Newhall County Library dedicated on Ninth Street; rededicated as city of Santa Clarita's Business Incubator exactly 57 years later (2014) [story]
The WiSH Education Foundation helped students at Sierra Vista Junior High School in Canyon Country with a donation of guitars Friday.
WiSH Foundation Donates New Guitars to Sierra Vista
Rep. Steve Knight (R, CA-25), is sending this letter to constituents about H.R. 1, the Tax Cuts and Jobs Act, passed by the U.S. House of Representatives 227-205 Thursday.
Knight: House Tax Bill Offers ‘Unprecedented Relief’
Los Angeles County and city of Los Angeles officials have reached a key milestone in their partnership to create 10,000 units of permanent supportive housing for homeless people over the next decade.
LA City-County Partnership to Create Supportive Housing for Homeless
'SpongeBob SquarePants: The Broadway Musical' officially opens at the Palace Theatre in New York on Dec. 4, but this weekend, NY-based CalArts alumni gather for a preview event.
Dec. 4: ‘SpongeBob SquarePants – The Musical’ Opens on Broadway
Tonight on SCV NewsBreak, SCV Sheriff's announced the arrest of a Saugus probationer on drug and probation violation charges. Plus, a look at some more fun, holiday events happening this weekend. Watch these stories and more on tonight's edition of SCV NewsBreak.
SCV NewsBreak for Friday, November 17, 2017
Seventy dancers from CalArts will present a massive ensemble performance outside the Walt Disney Concert Hall in Downtown Los Angeles on Friday and Saturday, Dec. 15 and 16 at 8 p.m.
Dec. 15-16: CalArts Dancers Plan Massive ‘Impromptu’ Performance
REDCAT, CalArts’ downtown center for contemporary arts, in partnership with the Mike Kelley Foundation for the Arts, will present the first-ever symposium on "Kandors," the last major project of renowned Los Angeles artist and CalArts alumnus Mike Kelley (Art MFA 78) on Saturday, November 18 from 10:30 a.m. to 4 p.m.
Nov. 18: REDCAT Symposium on Mike Kelley’s ‘Kandors’
Back in rainy Vancouver for the NAIA Cross Country National Championships on Saturday, the TMU Mustangs men's cross country team will look for more monumental firsts.
TMU Cross Country Poised for Podium Finish
The Santa Clarita Valley Chamber of Commerce invites local business owners and managers to a Chancellor’s Circle Breakfast briefing on 2018 employment laws in California at College of the Canyons' University Center on Friday, December 1 at 7:30 a.m.
Dec. 1: New State Employment Laws Outlined at Chancellor’s Breakfast
As part of the city of Santa Clarita's median turf removal project, nine medians on Orchard Village Road will be refurbished from November 2017 until approximately August 2018.
Orchard Village Road Medians to be Improved
'The Republican tax cut bill was written to help the rich at the expense of the middle class,' Sen. Dianne Feinstein (D-Calif.) said after Thursday's vote on HR-1 in the House of Representatives.
Feinstein: House Tax Bill Would Aid Rich at Expense of Middle Class
The city of Santa Clarita, in partnership with Parkway Motorcars, will host a free Thanksgiving Dinner at the city’s Newhall Community Center on Monday, November 20 from 5 p.m. to 7 p.m.
Nov. 20: Community Thanksgiving Dinner in Newhall
The next meeting of the Los Angeles County Board of Supervisors is set for Tuesday, November 21, starting at 9:30 a.m.
Nov. 21: County Board of Supervisors Meeting Agenda
Santa Clarita Valley Sheriff's Station deputies arrested a man at a Park and Ride lot in Newhall after finding marijuana and cash in his vehicle early Tuesday morning.
Man Arrested for Marijuana at ‘Park and Ride’ Gets Ride to Jail
The city of Santa Clarita will host a ribbon-cutting ceremony to dedicate the new River Village Trailhead at Bouquet Canyon Road and Newhall Ranch Road on Thursday, November 30 at 10 a.m.
Nov. 30: Ribbon-Cutting to Dedicate River Village Trailhead
The Los Angeles County Department of Public Health confirmed the county's first two influenza-associated deaths of the 2017-2018 flu season.
Two Flu Deaths Confirmed in LA County
Officers from the California Highway Patrol's Newhall station arrested a man in Valencia after chasing his vehicle from Bakersfield Thursday afternoon, according to authorities.
CHP Arrests Driver in SCV After Chase from Bakersfield
Santa Clarita Valley Sheriff's Station Narcotics Bureau deputies arrested a Saugus probationer on drug and probation violation charges Thursday morning.
Saugus Probationer Arrested for Drug Possession
1969 - Construction begins on Magic Mountain amusement park [story]
Boeing announced its investment in Santa Clarita-basted Gamma Alloys, a leader in aluminum alloys focused on developing advanced metal-matrix composites for use in aerospace, automotive and other industries.
Boeing Invests in SC-Based Aerospace, Defense Company
CSUN Men's Basketball head coach Reggie Theus has announced the signings of transfers Jordan Bell, Josh Jefferson and Amel Kuljuhovic to national letters of intent.
Matadors Add Three Recruits During Early Signing Period
The Los Angeles County Commission on Human Relations (LACCHR) on Thursday released its annual account of hate crimes reported throughout Los Angeles County in 2016.
Report: Number of County Hate Crimes Remains High
Preparations are underway at the Michael Hoefflin Foundation as it gets ready for the 2017 Family Holiday Baskets.
Michael Hoefflin Foundation Requesting Donations for 2017 Family Holiday Baskets
Fifty-seven games including 15 matchups with 2017 NCAA Tournament teams highlight the 2018 CSUN Baseball schedule.
Matadors Release 2018 Baseball Schedule
The CSUN men's volleyball team wraps up a busy 17-day span this weekend, traveling to Westwood for the annual UCLA Fall Invitational.
Matadors Head to Westwood for UCLA Fall Invitational
The Williams S. Hart Museum located in Hart Park in Santa Clarita will host an Open House, “Exploring the Art at Hart,” on Sunday, November 19, 2017 from 11:00 a.m. - 4:00 p.m.
Nov. 19: Hart Park Open House, Exploring Art at Hart
The Los Angeles County Department of Parks and Recreation in cooperation with the Friends of Castaic Lake, will be hosting the 24th Annual Castaic Lake Winter Magic and Lighted Boat Parade, Saturday, Dec. 2nd at Paradise Cove, lower lagoon.
Dec. 2: Castaic Lake Winter Magic, Lighted Boat Parade
Santa Clarita Mayor Cameron Smyth will participate in the Santa Clarita Sierra Club’s first-ever “Mayor’s Family Hike” on Sunday, Nov. 19.
Nov. 19: Inaugural “Mayor’s Family Hike”
In anticipation of the busy holiday shopping season, Princess Cruises is launching its annual Cyber Sale, with two can’t-miss offers to the more than 360 worldwide destinations the cruise line visits.
Nov. 17-29: Princess Cruises Holiday Cyber Sale
Santa Clarita Elementary School will hold a Winter Wonderland Holiday Boutique, Saturday, Dec. 2, from 9:00 a.m - Noon.
Dec. 2: Santa Clarita Elementary Winter Wonderland Holiday Boutique
Two people were killed and two more were critically injured in a Wednesday evening crash on the northbound 5 freeway just south of Vista Del Lago, officials said.
Two Killed in Late Night Crash Near Pyramid Lake
STOCKTON – In this Caltrans News Flash, you get an up-close look as Caltrans transitions from 4-inch wide stripes to 6-inch wide stripes on the state highways, providing motorists with a better view of the road in darkness or inclement weather such as rain, snow and fog.
Wider Striping Part of Senate Bill 1, Provides Motorists Better View in Darkness
1997 - "Hercules" movie, directed by CalArts grad John Musker, wins four Annie Awards (animation's top honor) [timeline]