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Electronics Production | April 29, 2008

Flextronics post record results for 4Q<br>and fiscal year 2008

Record net sales for the fourth quarter ended March 31, 2008 increased 66% to $7.8 billion, which represents an increase of $3.1 billion over the year ago quarter.
Record adjusted operating profit for the fourth quarter ended March 31, 2008 increased 86% over the year ago quarter to $263 million, while adjusted operating margin improved 40 basis points to 3.4%. Record adjusted net income for the fourth quarter ended March 31, 2008 increased 76% over the year ago quarter to $215 million, while adjusted EPS increased 30% to a record $0.26.

Net sales for the fiscal year ended March 31, 2008 increased 46% to a record $27.6 billion, which represents an increase of $8.7 billion. Adjusted operating profit in fiscal year 2008 increased 56%, while adjusted operating margin improved 20 basis points to 3.2%. Adjusted net income in fiscal year 2008 increased 56% to a record $745 million, while adjusted EPS increased 28% to a record $1.02.

Cash and cash equivalents amounted to $1.7 billion at March 31, 2008. Operating cash flow generated $1.0 billion, while free cash flow (operating cash flow less net capital expenditures) amounted to $715 million during the fiscal year ended March 31, 2008.

"I am very proud of the hard work and contribution of our employees across the globe in making fiscal 2008 a transformational year for not only Flextronics, but perhaps the entire EMS industry. Our better than expected operating performance is attributable in part to the successful integration of the Solectron acquisition, which I believe is one of the most successful large scale acquisitions ever completed in any industry, as well as from operating a large diversified company, which is not overly dependent on a particular geographic region, market segment, customer or product," said Mike McNamara, chief executive officer of Flextronics.

McNamara continued, "The acquisition was a defining event for our Company, as it created the most diversified and premier global supplier of advanced design and vertically integrated electronic manufacturing services. The scale, diversification and expanded breadth of capabilities gained through this acquisition have further enhanced our competitive position. We have become the leader in most EMS product market segments, and our increased scale and capabilities should enable us to further extend our reach and realize significant cost savings to increase shareholder value through greater generation of cash flow and earnings. Our customers' solutions increasingly require cost structures and capabilities that can only be achieved through size, and our scale is clearly a significant competitive advantage."
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