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© yuriy-chaban-dreamstime.com Electronics Production | January 20, 2012

Flextronics' earnings fall

Flextronics' YoY Q3 net income fell 48 percent it was revealed yesterday.
Net income for the quarter was $102 million, down from $198 million for the same period last year. Net sales for the third quarter ended December 31, 2011 decreased $340 million or 4% to $7.5 billion compared to net sales for the quarter ended December 31, 2010 of $7.8 billion.

Adjusted operating income for the third quarter ended December 31, 2011 decreased $82 million or 35% to$150 million, compared to $232 million for the quarter ended December 31, 2010. .

In a statement the company said the exit of the ODM PC business affected results, accounting for approximately $70 million in losses and other charges.

"This quarter we completed our exit of the ODM PC business and all associated charges are included in our operating results. This transition will substantially improve the margin profile of the company in future quarters. While this has been a difficult transition, we are pleased that this is behind us and we are looking forward to managing a more stable business with less variability and higher operating margins,” said CEO of Flextronics, Mike McNamara.

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