©homiel-dreamstime.com Electronics Production | May 02, 2012
Flextronics' revenue falls
Net sales for the fourth quarter ended March 31, 2012 decreased 6% to 6.4 billion USD compared to net sales from the same time last year of 6.8 billion USD.
Despite a fall in revenue, fourth-quarter profit rose 15 percent. The company posted a net income of 156.7 million USD, up from 135.3 million USD last year. "We have continued our transition towards a more stable, predictable, and diversified portfolio with longer product lifecycles that generate increasing operating margins and strong free cash flow," said Mike McNamara, CEO of Flextronics. "This quarter we realized a 100 basis point sequential operating margin improvement as a result of our proactive management of our portfolio of businesses, which aided us in achieving a record fourth quarter GAAP EPS and adjusted EPS of $0.25 and $0.28 from continuing operations, respectively," said Paul Read, CFO of Flextronics. "The record fourth quarter earnings translated into continued strong cash flow generation and marks the fifth consecutive fiscal year that we have generated in excess of $400 million in free cash flow. Over this same timeframe, we have now generated greater than $3.0 billion in free cash flow." Read added, "We continue to use the cash generated in our business to drive shareholder value, doing so through reinvesting in the business, pursuing strategic opportunities and continuing our share repurchase program. For fiscal year 2012, we repurchased approximately 82 million shares for approximately $510 million, thereby reducing our outstanding shares by almost 11%." For the first quarter ending June 29, 2012, revenue is expected to be in the range of 5.9 billion USD to 6.3 billion USD.
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