Net sales for the third quarter ended Dec. 31, 2017 were $6.75 billion, growing 10% year-over-year and above the high end of the guidance range of $6.3 to $6.7 billion. GAAP income before income taxes was $141 million for the quarter and adjusted operating income was $220 million, at the mid-point of the guidance range of $205 million to $235 million. GAAP net income was approximately $118 million and adjusted net income for the quarter was $164 million. GAAP EPS was $0.22 for the quarter and non-GAAP EPS was $0.31 for the quarter.
Flex generated cash from operations of $150 million and $431 million for the three and nine-month periods ended Dec. 31, 2017, respectively. The company remains committed to return over 50% of annual free cash flow to its shareholders as it repurchased ordinary shares for approximately $35 million and $180 million during the three and nine-month periods ended Dec. 31, 2017, respectively.
Flex ended the quarter with approximately $1.3 billion of cash on hand and total debt of approximately $2.9 billion. The balance sheet remains strong and is well-positioned to support the business over the long-term.
“Our third quarter displayed continued revenue growth acceleration and the advancement of our portfolio evolution,” said Mike McNamara, CEO at Flex. “This marked our fourth straight quarter of accelerating year-over-year revenue growth, with all four of our business groups beating the mid-point of their revenue guidance ranges. In addition, both our HRS and IEI businesses set new records for quarterly revenue and adjusted operating profits.”
For the fourth quarter ending March 31, 2018, revenue is expected to be in the range of $6.1 to $6.5 billion. Adjusted EPS is expected to be in the range of $0.28 to $0.32 per diluted share. GAAP EPS is expected to be in the range of $0.10 to $0.15 and includes stock-based compensation expense, intangible amortization, and restructuring charges.