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January 17
1994, 4:31 a.m. - Magnitude 6.7 Northridge earthquake rocks Santa Clarita Valley [video]


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.

 

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