Dave Savastano05.01.14
Flextronics announced results for its fourth quarter and fiscal year ended March 31, 2014. Net sales for the fiscal year ended March 31, 2014 were $26.1 billion, an increase of $2.5 billion from the $23.6 billion recognized in fiscal year 2013.
Adjusted operating income increased 9% from $611 million to $665 million in the fiscal year ended March 31, 2014. Adjusted earnings per diluted share also increased 6% to $0.89 year-over-year.
“Fiscal 2014 marked a year of continuous improvement and execution,” said Mike McNamara, CEO of Flextronics. “We consistently grew revenue, adjusted operating profit dollars, and adjusted EPS sequentially every quarter from our March trough a year ago through our December quarter. And while we are very pleased to have exceeded expectations for all three metrics this quarter, we remain focused on providing industry-leading, end-to-end supply chain solutions, driving growth and executing our strategy.”
“We continued to deliver strong cash flow generation with fiscal 2014 cash flow from operations of $1.2 billion and free cash flow of $701 million,” said Chris Collier, chief financial officer of Flextronics. “During fiscal 2014 we repurchased 60 million shares or 9% of our shares outstanding, further demonstrating our continued commitment to deliver shareholder value.”
Net sales for the fourth quarter ended March 31, 2014 were $6.7 billion, higher than the company’s previously provided revenue guidance of $5.9 billion to $6.3 billion. The company’s adjusted earnings per diluted share of $0.24 in the fourth quarter ended March 31, 2014 was also higher than the company’s previously provided guidance of $0.18 to $0.22.
Flextronics’s adjusted operating income increased $76 million or 72%, compared to the same quarter last year, to $182 million.
Adjusted operating income increased 9% from $611 million to $665 million in the fiscal year ended March 31, 2014. Adjusted earnings per diluted share also increased 6% to $0.89 year-over-year.
“Fiscal 2014 marked a year of continuous improvement and execution,” said Mike McNamara, CEO of Flextronics. “We consistently grew revenue, adjusted operating profit dollars, and adjusted EPS sequentially every quarter from our March trough a year ago through our December quarter. And while we are very pleased to have exceeded expectations for all three metrics this quarter, we remain focused on providing industry-leading, end-to-end supply chain solutions, driving growth and executing our strategy.”
“We continued to deliver strong cash flow generation with fiscal 2014 cash flow from operations of $1.2 billion and free cash flow of $701 million,” said Chris Collier, chief financial officer of Flextronics. “During fiscal 2014 we repurchased 60 million shares or 9% of our shares outstanding, further demonstrating our continued commitment to deliver shareholder value.”
Net sales for the fourth quarter ended March 31, 2014 were $6.7 billion, higher than the company’s previously provided revenue guidance of $5.9 billion to $6.3 billion. The company’s adjusted earnings per diluted share of $0.24 in the fourth quarter ended March 31, 2014 was also higher than the company’s previously provided guidance of $0.18 to $0.22.
Flextronics’s adjusted operating income increased $76 million or 72%, compared to the same quarter last year, to $182 million.