Flextronics’ operating income increased 72% YoY

Flextronics’ net sales for fiscal year 2014 were USD 26.1 billion, an increase of USD 2.5 billion from the USD 23.6 billion recognized in fiscal year 2013.
Adjusted operating income increased 9% from USD 611 million to USD 665 million in the fiscal year ended March 31, 2014.

“Fiscal 2014 marked a year of continuous improvement and execution,” said Mike McNamara, chief executive officer of Flextronics. “We consistently grew revenue, adjusted operating profit dollars, and adjusted EPS sequentially every quarter from our March trough a year ago through our December quarter. And while we are very pleased to have exceeded expectations for all three metrics this quarter, we remain focused on providing industry-leading, end-to-end supply chain solutions, driving growth and executing our strategy.”

 

“We continued to deliver strong cash flow generation with fiscal 2014 cash flow from operations of USD 1.2 billion and free cash flow of USD 701 million,” said Chris Collier, chief financial officer of Flextronics.

Fourth Quarter Results of Operations

Net sales for the fourth quarter ended March 31, 2014 were USD 6.7 billion, higher than the Company’s previously provided revenue guidance of USD 5.9 billion to USD 6.3 billion.

Flextronics’s adjusted operating income increased USD 76 million or 72%, compared to the same quarter last year, to USD 182 million.

Adjusted net income excludes USD 55 million of other charges recorded in the quarter ended March 31, 2014 to recognize a contractual obligation. The Company and the customer are finalizing an amendment to the manufacturing agreement, which includes a waiver of the USD 55 million obligation. The Company believes the amendment will be executed in the current June quarter, upon which the Company will reverse this charge in the period the amendment is executed with no impact to cash.

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Images © Flextronics

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