Flextronics tops guidance

Flextronics adjusted operating income increased USD 22 million or 16% sequentially to USD 159 million, compared to USD 137 million in the previous quarter. However, a decrease from USD 183 million during the corresponding period of 2012. Net profit for the second quarter was USD 118.2 million, up from USD 59.2 million during the previous quarter. But down from USD 150.5 million, compared to the corresponding period last year. "This was a solid quarter for Flextronics from a financial perspective as we hit many of our financial objectives," said Chris Collier, chief financial officer of Flextronics. "Our revenue and adjusted EPS both grew sequentially and came in at the high-end of our guidance ranges. We continue to return value to our shareholders and repurchased an additional 2% of our shares during the quarter pushing our total repurchases this fiscal year to 41 million shares or 6%." "We are making progress in our transformation and this quarter's results reflect execution of our strategy," said Mike McNamara, chief executive officer of Flextronics. "As we further strengthen our supply chain solutions offering and strategically invest in our business, we are improving our cost structure while continuing to expand our revenue, operating profit, operating margin and EPS," continued McNamara.