Flextronics (NASDAQ: FLEX), a leading end-to-end supply chain solutions company, today announced results for its first quarter, fiscal 2015 ended June 27, 2014.
Net sales for the first quarter were $6.6 billion, higher than the Company's previously provided revenue guidance of $6.0 billion to $6.5 billion. The Company's adjusted earnings per diluted share of $0.25 in the first quarter was also higher than the Company's previously provided guidance of $0.20 to $0.24.
First quarter adjusted operating income was $183 million, increasing 34% year-over-year and exceeding the high end of the guidance range of $150 to $180 million.
Adjusted net income excludes recognition of $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 $106 million," said Chris Collier, chief financial officer at Flextronics.
For the second quarter ending September 26, 2014, revenue is expected to be in the range of $6.2 to $6.6 billion and adjusted EPS is expected to be in the range of $0.22 to $0.26 per diluted share.
GAAP earnings per share is expected to be lower than the guidance provided herein by approximately $0.03 per diluted share for intangible amortization and stock-based compensation expense.