Flextronics (NASDAQ: FLEX), a leading end-to-end supply chain solutions company, today announced results for its fourth quarter and fiscal year ended March 31, 2015:
Flextronics net sales for the fourth quarter ended March 31, 2015 were just under $6.0 billion, slightly below its previously provided revenue guidance of $6.0 billion to $6.4 billion. Despite the lighter revenues, adjusted operating income only decreased $4.0 million compared to the same quarter last year with operating margin improvement of 30 basis points to 3.0% from 2.7%. Flextronics adjusted income grew 8% to $157 million for the fourth quarter. Adjusted earnings per diluted share of $0.27 in the fourth quarter ended March 31, 2015 was up 13% from $0.24 in the year ago quarter.
Fiscal Year 2015 Results of Operations
Flextronics net sales for the fiscal year ended March 31, 2015 were $26.1 billion, flat versus the prior year. Fiscal year 2015 adjusted operating income increased 13% to $751 million from $665 million in the prior fiscal year. Adjusted earnings per diluted share also increased 21% to $1.08 year-over-year.
"Fiscal 2015 underscored our company's ability to deliver on our commitments through steady execution which resulted in an increased adjusted operating income of 13% year-over-year and an all-time record adjusted EPS of $1.08, up 21% versus the prior year," said Mike McNamara, chief executive officer at Flextronics.
"We continue to use our strong cash flow generation to consistently return value to our shareholders through repurchasing our shares," said Chris Collier, chief financial officer at Flextronics. "For fiscal 2015 we spent $416 million buying back almost 7% of our shares, representing an allocation of 75% of our fiscal 2015 free cash flow."
The acquisition of Mirror Controls International ("MCi") announced today in a separate press release is expected to close in the quarter ending September 25, 2015 and as a result does not impact the guidance below for the quarter ending June 26, 2015.
For the first quarter ending June 26, 2015, revenue is expected to be in the range of $5,600 to $6,200 million and adjusted EPS is expected to be in the range of $0.20 to $0.26 per diluted share.
GAAP earnings per share is expected to be lower than the adjusted EPS guidance provided herein by approximately $0.04 per diluted share for intangible amortization and stock-based compensation expense.
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