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Flex Reports Third Quarter Fiscal 2017 Results
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PR Newswire
SAN JOSE, Calif., Jan. 26, 2017
SAN JOSE, Calif., Jan. 26, 2017 /PRNewswire/ -- Flex (NASDAQ: FLEX), the Sketch-to-Scale™ solutions provider that designs and builds intelligent products for a connected world, today announced results for its third quarter ended December 31, 2016.
"Our Sketch-to-Scale strategy remains firmly on track as reflected in our third quarter performance," said Mike McNamara, CEO 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."
| (US$ in millions, except EPS) | | Three-Month Periods Ended | |||
| | | December 31, 2016 | | | December 31, 2015 |
| Net sales | $ | 6,115 | | $ | 6,763 |
| GAAP income before income taxes | $ | 140 | | $ | 127 |
| Adjusted operating income | $ | 223 | | $ | 236 |
| GAAP net income | $ | 129 | | $ | 149 |
| Adjusted net income | $ | 183 | | $ | 196 |
| GAAP EPS | $ | 0.24 | | $ | 0.27 |
| Adjusted EPS | $ | 0.34 | | $ | 0.35 |
An explanation and reconciliation of non-GAAP financial measures to GAAP financial measures is presented in Schedule II attached to this press release.
"Our cash flow generation was exceptionally strong this quarter as we generated almost half a billion dollars in cash flow from operations," said Chris Collier, CFO at Flex. "This quarter we repurchased over 5 million shares and we remain committed to return over 50% of our fiscal year free cash flow to shareholders."
Third Quarter Fiscal 2017 Results of Operations
Net sales for the third quarter ended December 31, 2016 were over $6.1 billion, which was in the guidance range of $6.0 to $6.4 billion.
GAAP gross margin increased 10 basis points and adjusted gross margin increased approximately 40 basis points on a year-over-year basis.
GAAP income before income taxes was $140 million for the quarter and adjusted operating income was $223 million, above the mid-point of the guidance range of $205 million to $235 million.
Net income on a GAAP basis was over $129 million and adjusted net income for the quarter was $183 million. GAAP EPS was $0.24 for the quarter and non-GAAP EPS was $0.34 for the quarter.
Cash Flow and Balance Sheet
For the three-month period ended December 31, 2016, the Company generated net cash from operating activities of $469 million and free cash flow of $363 million. For the nine-month period ended December 31, 2016, Flex generated net cash from operations of $1.0 billion and free cash flow of $628 million. Strong cash flow generation has funded share repurchases of approximately $75 million and $260 million for the three and nine month periods ended December 31, 2016, respectively. The Company remains committed to return over 50% of annual free cash flow to its shareholders. Flex ended the quarter with $1.9 billion of cash on hand and total debt of $2.9 billion. The balance sheet remains strong and is well positioned to support the business over the long term.
Guidance
For the fourth quarter ending March 31, 2017, revenue is expected to be in the range of $5.5 to $5.9 billion, GAAP EPS is expected to be in the range of $0.17 to $0.21 and includes estimated restructuring charges ($0.03), stock-based compensation expense ($0.04), and intangible amortization ($0.03). Adjusted EPS is expected to be in the range of $0.27 to $0.31 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 third quarter ended December 31, 2016. The conference call will be broadcast via the Internet and may be accessed by logging on to the Company's website at www.flex.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. (Reg. No. 199002645H) is the 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 flex.com or follow us on Twitter @Flexintl. Flex – Live Smarter™
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 | ||
| | | | December 31, 2016 | | December 31, 2015 |
| GAAP: | | | | | |
| | Net sales | $ | 6,114,999 | $ | 6,763,177 |
| | Cost of sales | | 5,698,544 | | 6,310,710 |
| | Gross profit | | 416,455 | | 452,467 |
| | Selling, general and administrative expenses | | 231,551 | | 240,617 |
| | Intangible amortization | | 18,734 | | 19,319 |
| | Interest and other, net | | 22,838 | | 21,566 |
| | Other charges, net | | 3,090 | | 44,415 |
| | Income before income taxes | | 140,242 | | 126,550 |
| | Provision for (benefit from) income taxes | | 10,773 | | (22,360) |
| | Net income | $ | 129,469 | $ | 148,910 |
| | | | | | |
| Earnings per share: | | | | | |
| | GAAP Werbung Mehr Nachrichten zur Flex Aktie kostenlos abonnieren
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