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© bdriver dreamstime.com Electronics Production | July 22, 2016

Flex: 20% percent growth in adjusted operating profit

Net sales for the first quarter ended July 01, 2016 were approximately USD 5.9 billion, which was at the high end of the guidance range of USD 5.5 to USD 5.9 billion.
GAAP income before income taxes was USD 117 million for the quarter and adjusted operating income was USD 190 million, at the mid-point of the guidance range of USD 175 million to USD 205 million.

GAAP gross margin increased approximately 60 basis points and adjusted gross margin increased over 50 basis points on a year-over-year basis.

Net income on a GAAP basis was $106 million and adjusted net income for the quarter was USD 149 million.

“We continue to successfully execute our Sketch-to-Scale strategy”, said Mike McNamara, chief executive officer of Flex. “Our first quarter results reflect our continued portfolio evolution with a 20% growth in adjusted operating profit, an increase of 17% in adjusted earnings, strong cash flow from operations and over seven million shares repurchased.”

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