Flextronics Q1 saw sales increase 15% YoY

Flextronics’ net sales for the first quarter were USD 6.6 billion, higher than the company’s revenue guidance of USD 6.0 billion to USD 6.5 billion.
The company’s net sales exceeded guidance, increasing over USD 850 million or 15% year-over-year. First quarter adjusted operating income landed on USD 183 million, which is an increase of 34% year-over-year.

Adjusted net income for the first quarter fiscal 2015, was USD 148 million, compared to USD 112 million during the same quarter last year.

Adjusted net income excludes recognition of USD 55 million of other income due to the reversal of the contractual obligation charge recorded last quarter, as expected.
“We are the most advanced worldwide supply chain solutions provider and continue to make steady improvements across most of our core financial metrics,” said Mike McNamara, chief executive officer at Flextronics. “During the June quarter, all four of our business groups exceeded our expectations and both our IEI and our HRS businesses reached record levels for quarterly sales.”

“We continue to return value to shareholders through our stock buyback program by repurchasing another 10.5 million shares during the quarter for USD 106 million,” said Chris Collier, chief financial officer at Flextronics.

Guidance

For the second quarter ending September 26, 2014, revenue is expected to be in the range of USD 6.2 to USD 6.6 billion.

Read more: http://evertiq.com/news/34895

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