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Flextronics Posts Record Results for Q4, Fiscal Year 2007
Written by Tracy Heffner
Tuesday, 01 May 2007
SAN JOSE – Flextronics Inc. reported net sales for the fourth quarter ended March 31, 2007 were $4.7 billion, an increase of $1.1 billion, or 32%, over the year ago quarter. Adjusted operating income for the fourth quarter ended March 31, 2007 increased 36% over the year ago quarter while adjusted net income increased 24% to $122 million compared to $98 million in the year ago quarter.
Net sales for fiscal year ended March 31, 2007 were a record $18.9 billion, an increase of $3.6 billion, or 23%, over fiscal year 2006. Adjusted operating income for fiscal 2007 increased 21% over the prior fiscal year while adjusted net income for fiscal year 2007 increased 15% to a record $478 million compared to $417 million in fiscal year 2006. GAAP net income increased 181% to $121 million for the fourth quarter ended March 31, 2007 compared to $43 million in the year ago quarter. GAAP net income increased 261% to a fiscal year 2007 record $509 million compared to $141 million in fiscal year 2006.
"We are very pleased with our record-breaking fourth quarter and fiscal year results, which reflect our intense focus on growth acceleration, vertical integration and expanding our service offering to increase our market share and profitability,” Mike McNamara, CEO, said. “I wish to thank our employees, who have worked hard to achieve these revenue and profit results that are well in excess of the industry averages. We believe this exceptional growth is a validation of our strategy and results from our ability to add significant value to our customers. We will continue to be intensely focused on growing our market share with the appropriate return on capital, while enhancing our competitive position in the marketplace.”
For the first quarter ending June 29, 2007, revenue is expected to grow 18-23% on a year-over-year basis to a range of $4.8 billion to $5 billion and adjusted EPS is expected to grow 11-22% on a year-over-year basis to a range of $0.20-$0.22 per share.
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