Flex Reports Q4 and Fiscal 2016 Results


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Flex, a leading sketch-to-scale solutions company that designs and builds intelligent products for a connected world, today announced results for its fourth quarter and fiscal year ended March 31, 2016:

Fiscal Year 2016 Results of Operations

Net sales for the fiscal year ended March 31, 2016 were $24.4 billion, and fiscal year 2016 adjusted operating income increased 5% to$792 million from $751 million in the prior fiscal year. Adjusted earnings per diluted share increased 6 cents to $1.14 year-over-year.

"Fiscal 2016 profit and margin expansion continues to validate Flex's portfolio evolution and sketch-to-scale strategy. This also marks our third consecutive year of adjusted operating profit and adjusted EPS expansion," said Mike McNamara, chief executive officer of Flex. "We are committed to continuing this strong trend, and remain focused on driving a continuously richer mix of business across the entire Flex Platform."

"Cash flow generation continues to be a hallmark for Flex, and a positive reflection of our culture of discipline and focused execution," saidChris Collier, chief financial officer at Flex. "We generated over $1.1 billion in operating cash flow and $639 million in free cash flow in fiscal 2016. This allowed us to continue fulfilling our commitment to consistently return value to our shareholders; this year we spent $420 million buying back almost 7% of our shares, representing an allocation of 66% of our fiscal 2016 free cash flow."

Guidance

For the first quarter ending July 01, 2016, revenue is expected to be in the range of $5.5 to $5.9 billion and adjusted EPS is expected to be in the range of $0.25 to $0.29 per diluted share.

GAAP earnings per share is expected to be lower than the adjusted EPS guidance provided herein by approximately $0.08 per diluted share for intangible amortization and stock-based compensation expense.

About Flex

Flextronics International Ltd. (Reg. No. 199002645H) 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. 

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