Flex Posts 3Q FY2016 Revenue of $6.8B


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Flex, a leading sketch-to-scale solutions company that designs and builds intelligent products for a connected world, has announced results for its third quarter ended December 31, 2015.

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 its 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."

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.

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