Flextronics (NASDAQ: FLEX), a leading end-to-end supply chain solutions company, today announced results for its third quarter ended December 31, 2014.
Third Quarter Results of Operations
Net sales for the third quarter ended December 31, 2014 were $7.0 billion, exceeding the Company's previously provided revenue guidance of $6.4 billion to $6.8 billion. The Company's adjusted earnings per diluted share of $0.30 for the third quarter ended December 31, 2014 also exceeded the Company's previously provided guidance of $0.24 to $0.28.
The Company's third quarter adjusted operating income increased 11% year-over-year to $207 million which exceeded its guidance range of $175 million to $205 million.
"The Flextronics team continues to deliver on our core innovation strategies and initiatives, allowing us to achieve our financial targets," said Mike McNamara, chief executive officer at Flextronics. "We reported solid results across our business groups which is evidenced by our 15% year-over-year growth in earnings per share." He added, "We will continue to provide the most innovative end-to-end supply chain solutions going from sketch to scale, increasing our customer's competitive advantage in the marketplace."
"Our commitment to return shareholder value was further demonstrated by repurchasing approximately 8 million shares during the quarter for $84 million," said Chris Collier, chief financial officer at Flextronics. "We continue to operate with discipline and delivered another strong quarter of free cash flow generation of $337 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 is expected to be lower than the guidance provided herein by approximately $0.04 per diluted share for intangible amortization and stock-based compensation expense