Press release -

Flextronics Reports Third Quarter Fiscal 2015 Results

- Adjusted EPS at $0.30, an increase of 15%  Year-over-Year

- Adjusted Operating Profit Increased 11%  Year-over-Year

- Free cash flow generation of $337 million

SAN JOSE,  Calif., Jan. 28, 2015 /PRNewswire/ -- Flextronics (NASDAQ: FLEX), a  leading end-to-end supply chain solutions company, today announced results for  its third quarter ended December 31, 2014:

                                                   
(US$ in millions,  except EPS)Three Month Periods  Ended
December  31,September  26,December  31,
201420142013
Net  sales$7,025$6,529$7,183
Adjusted operating  income207183187
GAAP operating  income193172174
Adjusted net income  175157164
GAAP net income  153139145
Adjusted EPS  0.300.260.26
GAAP EPS  0.260.230.23

An explanation and reconciliation of non-GAAP financial measures to GAAP  financial measures is presented in Schedule II attached to this press release.

Third Quarter Results of Operations
Net sales for the third quarter  ended December 31, 2014 were $7.0 billion,  exceeding the Company's previously provided revenue guidance of $6.4  billion to $6.8 billion.  The Company's adjusted earnings per diluted  share of $0.30 for the third quarter ended December 31,  2014 also exceeded the Company's previously provided guidance of  $0.24 to $0.28.

The Company's third quarter adjusted operating income increased 11%  year-over-year to $207 million which exceeded its guidance range  of $175 million to $205 million.

"The Flextronics team  continues to deliver on our core innovation strategies and initiatives, allowing  us to achieve our financial targets," said Mike McNamara, chief  executive officer at Flextronics. "We reported solid results across our  business groups which is evidenced by our 15% year-over-year growth in earnings  per share." He added, "We will continue to provide the most innovative  end-to-end supply chain solutions going from sketch to scale, increasing our  customer's competitive advantage in the marketplace."

"Our commitment to return shareholder value was further demonstrated by  repurchasing approximately 8 million shares during the quarter for $84  million," said Chris Collier, chief financial officer  at Flextronics. "We  continue to operate with discipline and delivered another strong quarter of free  cash flow generation of $337 million." 

Guidance
For the fourth quarter ending March 31,  2015, revenue is expected to be in the range of $6.0 to $6.4  billion and adjusted EPS is expected to be in the range of $0.23  to $0.27 per diluted share.

GAAP earnings per share is expected to be lower than the guidance provided  herein by approximately $0.04 per diluted share for intangible  amortization and stock-based compensation expense.

Conference Calls and Web Casts
A  conference call hosted by Flextronics's management team will be held today  at 2:00 PM (PT) / 5:00 PM (ET) to discuss the  Company's financial results for the third quarter ended December  31, 2014.  The conference call will be broadcast via the Internet and  may be accessed by logging on to the Company's website at www.flextronics.com. Additional information in the form of a  slide presentation may also be found on the Company's site.  A replay of the  broadcast will remain available on the Company's website afterwards.

Topics

  • Finance, Stocks, Private savings

Categories

  • flextronics quarterly report

About Flextronics
Flextronics International Ltd. (Reg. No.  199002645H) is a leading end-to-end supply chain solutions company that delivers  innovative design, engineering, manufacturing and logistics services to a range  of industries and end-markets, including data networking, telecom, enterprise  computing and storage, industrial, capital equipment, appliances, automation,  medical, automotive, aerospace and defense, energy, mobile, computing and other  electronic product categories. Flextronics is an industry leader with $26  billion in sales, generated from helping customers design, build, ship,  and service their products through an unparalleled network of facilities and  innovations centers in approximately 30 countries and across four continents.  Flextronics service  offerings and vertically integrated component technologies optimize customer  supply chains by lowering costs, increasing flexibility, and reducing  time-to-market. For more information, visit www.flextronics.com or follow us on Twitter @flextronics.

This press release contains forward-looking statements within the meaning of  U.S. securities law including statements related to the future expected revenues  and earnings per share. These forward-looking statements involve risks and  uncertainties that could cause the actual results to differ materially from  those anticipated by these forward-looking statements. Readers are cautioned not  to place undue reliance on these forward-looking statements. These risks  include: that future revenues and earnings may not be achieved as expected; the  challenges of effectively managing our operations, including our ability to  control costs and manage changes in our operations; compliance with legal and  regulatory requirements; the possibility that benefits of the Company's  restructuring actions may not materialize as expected; that the expected revenue  and margins from recently launched programs may not be realized; that recently  proposed changes in tax laws in certain jurisdictions where we operate may  materially impact our tax expense, and the effects that the current  macroeconomic environment could have on our business and demand for our products  as well as the effects that current credit and market conditions could have on  the liquidity and financial condition of our customers and suppliers, including  any impact on their ability to meet their contractual obligations. Additional  information concerning these and other risks is described under "Risk Factors"  and "Management's Discussion and Analysis of Financial Condition and Results of  Operations" in our reports on Form 10-K and 10-Q that we file with the U.S.  Securities and Exchange Commission. The forward-looking statements in this  press release are based on current expectations and Flextronics assumes no obligation to update these  forward-looking statements. Our share repurchase program does not obligate the  Company to repurchase a specific number of shares and may be suspended or  terminated at any time without prior notice.

 

Renee  Brotherton Kevin  Kessel
Corporate  Communications Investor  Relations
(408) 576-7189 (408) 576-7985
renee.brotherton@flextronics.com kevin.kessel@flextronics.com

Contacts

Paul Brunato

Press contact Director of Communications

Renee Brotherton

Press contact Vice President, Corporate Communications

Valerie Kurniawan

Press contact Senior Director, Communications, Asia

Ho Chu Hor

Press contact Director, Communications, Asia