10.30.17
Flex announced results for its second quarter ended Sept. 29, 2017.
Net sales for the second quarter ended September 29, 2017 were $6.3 billion, growing 4% year-over-year and at the high end of the guidance range of $5.9 to $6.3 billion. GAAP income before income taxes was $218 million for the quarter and adjusted operating income was $188 million, above the mid-point of the guidance range of $170 million to $200 million. GAAP net income was approximately $205 million and adjusted net income for the quarter was $142 million. GAAP EPS was $0.38 for the quarter and non-GAAP EPS was $0.27 for the quarter.
“Our results this quarter strongly indicate Flex’s top-line growth, structural portfolio evolution, and capital return all remain on track,” said Mike McNamara, CEO at Flex. “We had impressive revenue performance across the board, growing for the third consecutive quarter on a year-over-year basis, with revenue for all four business groups above the midpoint of their respective guidance ranges.”
For the three-month period ended Sept. 29, 2017, Flex generated cash from operations of approximately $142 million and free cash flow of $34 million. For the six-month period ended Sept. 29, 2017, Flex generated cash from operations of $281 million and free cash flow of $53 million.The company remains committed to return over 50% of annual free cash flow to its shareholders as it repurchased ordinary shares for approximately $71 million and $145 million during the three and six-month periods ended Sept. 29, 2017, respectively. Flex ended the quarter with more than $1.3 billion of cash on hand and total debt of $3.0 billion.
Net sales for the second quarter ended September 29, 2017 were $6.3 billion, growing 4% year-over-year and at the high end of the guidance range of $5.9 to $6.3 billion. GAAP income before income taxes was $218 million for the quarter and adjusted operating income was $188 million, above the mid-point of the guidance range of $170 million to $200 million. GAAP net income was approximately $205 million and adjusted net income for the quarter was $142 million. GAAP EPS was $0.38 for the quarter and non-GAAP EPS was $0.27 for the quarter.
“Our results this quarter strongly indicate Flex’s top-line growth, structural portfolio evolution, and capital return all remain on track,” said Mike McNamara, CEO at Flex. “We had impressive revenue performance across the board, growing for the third consecutive quarter on a year-over-year basis, with revenue for all four business groups above the midpoint of their respective guidance ranges.”
For the three-month period ended Sept. 29, 2017, Flex generated cash from operations of approximately $142 million and free cash flow of $34 million. For the six-month period ended Sept. 29, 2017, Flex generated cash from operations of $281 million and free cash flow of $53 million.The company remains committed to return over 50% of annual free cash flow to its shareholders as it repurchased ordinary shares for approximately $71 million and $145 million during the three and six-month periods ended Sept. 29, 2017, respectively. Flex ended the quarter with more than $1.3 billion of cash on hand and total debt of $3.0 billion.