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Flextronics beats Q3 guidance

The third quarter for EMS-provider Flextronics ended quite nicely. The company's net sales amounted to USD 7 billion, above its previous revenue guidance of USD 6.4 billion to USD 6.8 billion.

Third quarter adjusted operating income increased 11% year-over-year to USD 207 million which exceeded its guidance range of USD 175 million to USD 205 million. Adjusted net income amounted to USD 175 million. "The Flextronics team continues to deliver on our core innovation strategies and initiatives, allowing us to achieve our financial targets," said Mike McNamara, chief executive officer at Flextronics. "We reported solid results across our business groups which is evidenced by our 15% year-over-year growth in earnings per share." He added, "We will continue to provide the most innovative end-to-end supply chain solutions going from sketch to scale, increasing our customer's competitive advantage in the marketplace." "Our commitment to return shareholder value was further demonstrated by repurchasing approximately 8 million shares during the quarter for $84 million," said Chris Collier, chief financial officer at Flextronics. "We continue to operate with discipline and delivered another strong quarter of free cash flow generation of USD 337 million."
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October 11 2019 3:09 pm V14.5.0-2