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Electronics Production | July 23, 2010

Flextronics revenue growth and profitability exhibited strong improvement in Q1

Net sales for the first quarter ended July 2, 2010 increased 14% to $6.6 billion compared to net sales for the quarter ended July 3, 2009 of $5.8 billion.

Adjusted operating income increased $100 million or 111% to $190 million, compared to adjusted operating income of $90 million for the year ago quarter. Adjusted net income for the first quarter ended July 2, 2010 was $154 million, an increase of $91 million or 144%, and adjusted EPS increased $0.11 or 138% to $0.19, compared to $63 million and $0.08, respectively, for the year ago quarter. GAAP operating income, net income, and EPS were all up significantly year-over-year. Sequentially, revenue growth and profitability both exhibited strong improvement. Net sales were at the high end of the guidance range, rising 11% sequentially, resulting from growth across the entire portfolio of businesses. Adjusted operating income increased 12% sequentially, slightly outpacing net sales growth. Adjusted EPS of $0.19 was above the $0.16 reported last quarter and at the high-end of the $0.16-$0.19 guidance range. GAAP EPS increased 100% to $0.14 from $0.07 in the prior quarter. "Our business environment remains healthy. Despite what appears to be an uncertain macro-environment, our orders and forecast continue to improve and we are again forecasting sequential growth in the upcoming quarter across all the markets we serve," said Mike McNamara, CEO of Flextronics. Paul Read, CFO of Flextronics added, "Our cash position remains strong at $1.7 billion for the quarter. We continue to expect positive cash flow from operations driven by revenue growth and improving profitability, allowing us to further invest in our business and execute strategic uses of cash. During the quarter we repurchased $135 million of stock on our $200 million authorization."
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