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Flex Reports First Quarter Fiscal 2017 Results
July 22, 2016 | FlexEstimated reading time: 1 minute
Flex has announced results for its first quarter ended July 01, 2016:
First Quarter Fiscal 2017 Results of Operations
- Net sales for the first quarter ended July 01, 2016 were approximately $5.9 billion, which was at the high end of the guidance range of $5.5 to $5.9 billion.
- GAAP income before income taxes was $117 million for the quarter and adjusted operating income was $190 million, at the mid-point of the guidance range of $175 million to $205 million.
- GAAP gross margin increased approximately 60 basis points and adjusted gross margin increased over 50 basis points on a year-over-year basis.
- Net income on a GAAP basis was $106 million and adjusted net income for the quarter was $149 million. GAAP EPS was $0.19 for the quarter which is flat compared to the prior year. Non-GAAP EPS was $0.27 for the quarter, increasing $0.04 from same quarter last year.
"We continue to successfully execute our Sketch-to-Scale strategy," said Mike McNamara, chief executive officer of Flex. "Our first quarter results reflect our continued portfolio evolution with a 20% growth in adjusted operating profit, an increase of 17% in adjusted earnings, strong cash flow from operations and over seven million shares repurchased."
Guidance
For the second quarter ending September 30, 2016, revenue is expected to be in the range of $5.8 to $6.2 billion, GAAP EPS is expected to be in the range of $0.18 to $0.22 and includes estimated intangible amortization and stock-based compensation expense. Adjusted EPS is expected to be in the range of $0.26 to $0.30 per diluted share.
About Flex
Flextronics International Ltd. (Reg. No. 199002645H) is a leading Sketch-to-Scale™ solutions company that designs and builds intelligent products for a connected world. With approximately 200,000 professionals across 30 countries and a promise to help the world Live Smarter™, the Company provides innovative design, engineering, manufacturing, real-time supply chain insight and logistics services to companies of all sizes in various industries and end-markets.
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