Electronics Production | January 27, 2005
Flex announces positive Q3 results
EMS provider Flextronics released Q3 results on January 25th. The quarterly sales rised 3% and reached $4.3 billion.
Flextronics´s cash balance is at an all-time-high level reaching $1.09 billion while liquidity increased 51% sequentially to a record high of $2.2 billion, while maintaining leverage at 27%. GAAP net income for the third quarter increased 361% to a quarterly record high of $98.7 million($21.4 million). Gross profits increased 32% and reached $275.7 million. "Our operating metrics are better now than they have been in many years. Key metrics such as sales, gross profit, GAAP net income, cash conversion cycle, fixed assets to sales, cash and liquidity, and ROITC, are better now than they have ever been in our history. With a return on tangible invested capital of greater than 30%, we are now generating a very good return for our shareholders," said Michael E. Marks, Chief Executive Officer of Flextronics.