Flextronics International Ltd. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2015; Provides Earnings Guidance for the Fourth Quarter Ending March 31, 2016
January 29, 2016 at 02:31 am IST
Share
Flextronics International Ltd. announced unaudited consolidated earnings for the third quarter and nine months ended December 31, 2015. The company reported that net income for the third quarter ended December 31, 2015 was $148.91 million, or $0.27 per share, compared to $152.90 million, or $0.26 per share, for the same quarter ended December 31, 2014. Net sales for the third quarter ended December 31, 2015 were $6.76 billion, compared to $7.02 billion for the same quarter ended December 31, 2014. Operating income was $211,850,000 compared to $192,664,000 a year ago. Income before income taxes was $126,550,000 compared to $170,517,000 a year ago. Non-GAAP EPS was $0.35 compared to $0.30 a year ago. Non-GAAP operating income was $236,083,000 compared to $206,883,000 a year ago. Non-GAAP net income was $196,422,000 compared to $174,939,000 a year ago.
Net income for the nine months ended December 31, 2015 was $382.74 million, or $0.67 per diluted share, compared to $465.69 million, or $0.78 per diluted share, for the same period ended December 31, 2014. Net sales for the nine months ended December 31, 2015 were $18.65 billion, compared to $20.2 billion for the same period ended December 31, 2014. Net cash provided by operating activities was $939,772,000 compared to $669,424,000 a year ago. Purchases of property and equipment were $418,561,000 compared to $254,970,000 a year ago.
For the fourth quarter ending March 31, 2016, the company expects revenue to be in the range of $5.5 billion to $6.1 billion and adjusted earnings per diluted share to be in the range of $0.25 to $0.31. GAAP earnings per share is expected to be lower than the adjusted EPS guidance provided herein by approximately $0.07 per diluted share for estimated intangible amortization and stock-based compensation expense.
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. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2015; Provides Earnings Guidance for the Fourth Quarter Ending March 31, 2016