Dave Savastano10.30.14
Flextronics announced results for its second quarter ended Sept. 26, 2014. Net sales for the second quarter were $6.5 billion, within the company’s previously provided revenue guidance of $6.2 billion to $6.6 billion. The Company’s adjusted earnings per diluted share of $0.26 in the second quarter was at the high end of the company’s previously provided guidance of $0.22 to $0.26.
Second quarter adjusted operating income increased 16% year-over-year to $183 million and was at the high end of the company’s previously provided guidance range of $165 million to $190 million.
“Our consistent execution continues to pay off with measured improvements across many areas of our business, including our operating margins, which improved for the sixth consecutive quarter,” said Mike McNamara, CEO at Flextronics. “We are also pleased to have exceeded our revenue expectations in HRS and CTG in addition to posting $6.53 billion in sales.”
“We continued to deliver strong cash flow generation with cash flow from operations of $387 million and free cash flow of $322 million during the quarter,” said Chris Collier, CFO at Flextronics. “Additionally, we further demonstrated our commitment to return value to shareholders by repurchasing another 9.3 million shares during the quarter for $101 million,” he added.
For the third quarter ending Dec. 31, 2014, revenue is expected to be in the range of $6.4 to $6.8 billion and adjusted EPS is expected to be in the range of $0.24 to $0.28 per diluted share.
Second quarter adjusted operating income increased 16% year-over-year to $183 million and was at the high end of the company’s previously provided guidance range of $165 million to $190 million.
“Our consistent execution continues to pay off with measured improvements across many areas of our business, including our operating margins, which improved for the sixth consecutive quarter,” said Mike McNamara, CEO at Flextronics. “We are also pleased to have exceeded our revenue expectations in HRS and CTG in addition to posting $6.53 billion in sales.”
“We continued to deliver strong cash flow generation with cash flow from operations of $387 million and free cash flow of $322 million during the quarter,” said Chris Collier, CFO at Flextronics. “Additionally, we further demonstrated our commitment to return value to shareholders by repurchasing another 9.3 million shares during the quarter for $101 million,” he added.
For the third quarter ending Dec. 31, 2014, revenue is expected to be in the range of $6.4 to $6.8 billion and adjusted EPS is expected to be in the range of $0.24 to $0.28 per diluted share.