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Flextronics Reports Q1 Sales of $982 Million; Up 15%
July 22, 2011 |Estimated reading time: 1 minute
Net sales for the first quarter ended July 1, 2011 increased $982 million or 15% to $7.5 billion compared to net sales for the quarter ended July 2, 2010 of $6.6 billion. Adjusted operating income and GAAP operating income were both up 4% and 5% respectively year over year. GAAP net income for the first quarter ended July 1, 2011 increased $14 million or approximately 12% to $132 million, compared to $118 million for the quarter ended July 2, 2010. Adjusted EPS and GAAP EPS increased 11% and 21% respectively from the prior year quarter.
“Every one of our four core business groups grew double digits year-over-year and our revenue marked the second highest June quarter in our history. We expect our revenue growth to continue next quarter,” said Mike McNamara, CEO of Flextronics. “This performance exemplifies Flextronics’ diversified business model and our broad based success across all the markets we participate in.”
Authorization for New Share Repurchase
During the June quarter the company completed its third $200 million dollar share buyback program.
Flextronics also announced that its Board of Directors has authorized the repurchase of up to $200 million of the company’s outstanding ordinary shares. This authorization is subject to shareholder approval which is expected tomorrow at the Annual and Extraordinary General Meetings and this will provide authorization for the repurchase of up to 10% of outstanding ordinary shares.
Guidance
For the second quarter ending September 30, 2011, revenue is expected to be in the range of $7.6 billion to $8.0 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/.