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Flextronics Posts Strong Q3 Results; Sales Up 19%
January 21, 2011 |Estimated reading time: 1 minute
Flextronics today announced results for its third quarter ended December 31, 2010. Net sales for the third quarter ended December 31, 2010 increased 19% to $7.8 billion compared to net sales for the quarter ended December 31, 2009 of $6.6 billion. Adjusted operating income increased $43 million or 23% to $232 million, compared to adjusted operating income of $189 million for the year ago quarter. Adjusted net income for the third quarter ended December 31, 2010 was $193 million, an increase of $55 million or 40%, and adjusted EPS increased $0.08 or 47% to $0.25, compared to $138 million and $0.17, respectively, for the year ago quarter. GAAP operating income, net income, and EPS were all up significantly year-over-year.
"The breadth and strength of our competitive position continues to improve and is reflected in our value-added supply chain services and solutions being in high-demand," said Mike McNamara, CEO. "We continue to improve quarter-over-quarter with sales increasing to $7.8 billion. Flextronics' asset management continues to be outstanding and has driven substantial improvements in our return on invested capital (ROIC). For the quarter, ROIC increased to a record 33.6%, above the 30.1% of a year ago, and up from 31.9% last quarter, and profit improvement continues on a strong, consistent pace."
Guidance
For the fourth quarter ending March 31, 2011, revenue is expected to be in the range of $7.1 billion to $7.4 billion and adjusted EPS is expected to be in the range of $0.21 to $0.23 per share.
GAAP earnings per share are expected to be lower than the guidance provided herein by approximately $0.04 per diluted share for quarterly intangible amortization and stock-based compensation expense.
About Flextronics
Headquartered in Singapore, Flextronics is a leading EMS provider focused on delivering complete design, engineering and manufacturing services to automotive, computing, consumer, industrial, infrastructure, medical and mobile OEMs. Flextronics helps customers design, build, ship and service electronics products through a network of facilities in 30 countries on four continents. This global presence provides design and engineering solutions that are combined with core electronics manufacturing and logistics services, and vertically integrated with components technologies, to optimize customer operations by lowering costs and reducing time to market. For more information, visit http://www.flextronics.com/.