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Flex has announced results for its first quarter ended July 01, 2016:
First Quarter Fiscal 2017 Results of Operations
- Net sales for the first quarter ended July 01, 2016 were approximately $5.9 billion, which was at the high end of the guidance range of $5.5 to $5.9 billion.
- GAAP income before income taxes was $117 million for the quarter and adjusted operating income was $190 million, at the mid-point of the guidance range of $175 million to $205 million.
- GAAP gross margin increased approximately 60 basis points and adjusted gross margin increased over 50 basis points on a year-over-year basis.
- Net income on a GAAP basis was $106 million and adjusted net income for the quarter was $149 million. GAAP EPS was $0.19 for the quarter which is flat compared to the prior year. Non-GAAP EPS was $0.27 for the quarter, increasing $0.04 from same quarter last year.
"We continue to successfully execute our Sketch-to-Scale strategy," said Mike McNamara, chief executive officer of Flex. "Our first quarter results reflect our continued portfolio evolution with a 20% growth in adjusted operating profit, an increase of 17% in adjusted earnings, strong cash flow from operations and over seven million shares repurchased."
For the second quarter ending September 30, 2016, revenue is expected to be in the range of $5.8 to $6.2 billion, GAAP EPS is expected to be in the range of $0.18 to $0.22 and includes estimated intangible amortization and stock-based compensation expense. Adjusted EPS is expected to be in the range of $0.26 to $0.30 per diluted share.
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.