Flextronics International Ltd. Announces Unaudited Consolidated Earnings Results for Third Quarter and Nine Months Ended December 31, 2014; Provides Earnings Guidance for the Fourth Quarter Ending March 31, 2015
January 29, 2015 at 02:48 am IST
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Flextronics International Ltd. announced unaudited consolidated earnings results for third quarter and nine months ended December 31, 2014. For the quarter, the company's net sales were $7,025,054,000 compared with $7,183,442,000 a year ago. Operating income was $192,664,000 compared with $174,043,000 a year ago. Net income was $152,899,000 or $0.26 per share compared with $145,157,000 or $0.23 per share a year ago. Non-GAAP operating income was $206,883,000 compared with $187,154,000 a year ago. Income before income taxes was $170,517,000 compared with $153,725,000 a year ago. Non-GAAP provision for income taxes was $17,842,000 compared with $8,568,000 a year ago. Non-GAAP net income was $174,939,000 or $0.30 per share compared with $163,843,000 or $0.26 per share a year ago. Adjusted operating income was $207,000 compared with $187,000 a year ago. For the three-month period ended December 31, 2014, Free Cash Flow was $337 million consisting of GAAP net cash flows from operating activities of $363 million less purchases of property and equipment net of dispositions of $26 million.
The company reported year-to-date free cash flow at $505 million.
For the fourth quarter ending March 31, 2015, revenue is expected to be in the range of $6.0 to $6.4 billion and adjusted EPS is expected to be in the range of $0.23 to $0.27 per diluted share. GAAP earnings per share are expected to be lower than the guidance provided herein by approximately $0.04 per diluted share for intangible amortization and stock-based compensation expense. CapEx target for fiscal 2015 is in the range of $300 million. Free cash flow will be greater than $600 million for fiscal 2015.
Flex Ltd. is engaged in providing a portfolio of manufacturing solutions and services. The Company operates through three segments: Flex Agility Solutions (FAS), and Flex Reliability Solutions (FRS). The FAS segment is comprised of various end markets, such as Communications, Enterprise, and Cloud (CEC), including data infrastructure, edge infrastructure and communications infrastructure; Lifestyle, including appliances, consumer packaging, floorcare, micro mobility and audio; and Consumer Devices, including mobile and high velocity consumer devices. The FRS segment consists of end markets, such as Automotive, including mobility, autonomous, connectivity, electrification, and smart technologies; Health Solutions, including medical devices, medical equipment, and drug delivery; and Industrial, including capital equipment, industrial devices, and renewables and grid edge.
Flextronics International Ltd. Announces Unaudited Consolidated Earnings Results for Third Quarter and Nine Months Ended December 31, 2014; Provides Earnings Guidance for the Fourth Quarter Ending March 31, 2015