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27.10.2016 22:10
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Flex Reports Second Quarter Fiscal 2017 Results
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PR Newswire
SAN JOSE, Calif., Oct. 27, 2016
SAN JOSE, Calif., Oct. 27, 2016 /PRNewswire/ -- Flex (NASDAQ: FLEX), the leading Sketch-to-Scale™ solutions company that designs and builds intelligent products for a connected world, today announced results for its second quarter ended September 30, 2016:
| | | Three Month Periods Ended | ||
| | | September 30, 2016 | | September 25, 2015 |
| Net sales | $ | 6,009 | $ | 6,317 |
| GAAP income before income taxes | $ | 15 | $ | 140 |
| Adjusted operating income | $ | 197 | $ | 196 |
| GAAP net income (loss) | $ | (3) | $ | 123 |
| Adjusted net income | $ | 152 | $ | 153 |
| GAAP EPS | $ | 0.00 | $ | 0.22 |
| Adjusted EPS | $ | 0.28 | $ | 0.27 |
| | | | | |
An explanation and reconciliation of non-GAAP financial measures to GAAP financial measures is presented in Schedule II attached to this press release.
"Our Sketch-to-Scale strategy remains firmly on track as reflected in our second quarter performance which is inline with guidance," said Mike McNamara, Chief Executive Officer at Flex. "We remain focused on value creating activities such as a structural mix shift to a higher margin business, generating sustainable free cash flow and consistently returning value to our shareholders."
Second Quarter Fiscal 2017 Results of Operations
Net sales for the second quarter ended September 30, 2016 were over $6.0 billion, which was at the mid-point of the guidance range of $5.8 to $6.2 billion.
GAAP income before income taxes was $15 million for the quarter and adjusted operating income was $197 million, above the mid-point of the guidance range of $180 million to $210 million.
GAAP gross margin decreased approximately 110 basis points and adjusted gross margin increased over 60 basis points on a year-over-year basis.
Net loss on a GAAP basis was under $3 million and adjusted net income for the quarter was $152 million. GAAP EPS was $0.00 for the quarter. Non-GAAP EPS was $0.28 for the quarter, increasing $0.01 from the same quarter last year.
Guidance
For the third quarter ending December 31, 2016, revenue is expected to be in the range of $6.0 to $6.4 billion, GAAP EPS is expected to be in the range of $0.18 to $0.22 and includes estimated restructuring charges ($0.06), stock-based compensation expense ($0.04), and intangible amortization ($0.03). Adjusted EPS is expected to be in the range of $0.31 to $0.35 per diluted share.
Conference Calls and Web Casts
A conference call hosted by the Flex management team will be held today at 2:00 PM (PT) / 5:00 PM (ET) to discuss the Company's financial results for the second quarter ended September 30, 2016. The conference call will be broadcast via the Internet and may be accessed by logging on to the Company's website at www.flextronics.com. Additional information in the form of a slide presentation may also be found on the Company's site. A replay of the broadcast will remain available on the Company's website afterwards.
About Flex
Flex Ltd., formerly Flextronics International Ltd. (Reg. No. 199002645H), is the leading Sketch-to-Scale™ solutions provider that designs and builds intelligent products for a connected world. With approximately 200,000 professionals across 30 countries, Flex provides innovative design, engineering, manufacturing, real-time supply chain insight and logistics services to companies of all sizes in various industries and end-markets. For more information, visit www.flextronics.com or follow us on Twitter @Flextronics.
This press release contains forward-looking statements within the meaning of U.S. securities law including statements related to future expected revenues and earnings per share. These forward-looking statements involve risks and uncertainties that could cause the actual results to differ materially from those anticipated by these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. These risks include: that future revenues and earnings may not be achieved as expected; the challenges of effectively managing our operations, including our ability to control costs and manage changes in our operations; compliance with legal and regulatory requirements; that we may encounter difficulties with acquisitions and divestitures; that the expected revenue and margins from recently launched programs may not be realized; that recently proposed changes in tax laws in certain jurisdictions where we operate may materially impact our tax expense, and the effects that the current macroeconomic environment could have on our business and demand for our products as well as the effects that current credit and market conditions could have on the liquidity and financial condition of our customers and suppliers, including any impact on their ability to meet their contractual obligations. Additional information concerning these and other risks is described under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our reports on Forms 10-K and 10-Q that we file with the U.S. Securities and Exchange Commission. The forward-looking statements in this press release are based on current expectations and Flex assumes no obligation to update these forward-looking statements. Our share repurchase program does not obligate the Company to repurchase a specific number of shares and may be suspended or terminated at any time without prior notice.
| | SCHEDULE I | ||||
| | |||||
| FLEX | |||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||
| (In thousands, except per share amounts) | |||||
| | | | | | |
| | | | Three Month Periods Ended | ||
| | | | September 30, 2016 | | September 25, 2015 |
| GAAP: | | | | | |
| | Net sales | $ | 6,008,525 | $ | 6,316,762 |
| | Cost of sales | | 5,694,834 | | 5,919,846 |
| | Gross profit | | 313,691 | | 396,916 |
| | Selling, general and administrative expenses | | 243,943 | | 216,796 |
| | Intangible amortization | | 21,986 | | 16,127 |
| | Interest and other, net | | 24,632 | | 22,035 |
| | Other charges, net | | 8,388 | | 1,678 |
| | Income before income taxes | | 14,742 | | 140,280 |
| | Provision for income taxes | | 17,250 | | 17,303 |
| | Net income (loss) | $ | (2,508) | $ | 122,977 |
| | | | | | |
| Earnings (losses) per share: | | | | | |
| | GAAP (2) | $ | 0.00 Werbung Mehr Nachrichten zur Flex Aktie kostenlos abonnieren
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