SAN JOSE – Flex reported fiscal third quarter net sales of $6.8 billion, up 10% year-over-year.
For the quarter ended Dec. 31, GAAP net income was $118 million, down 8.5% compared to the same quarter the previous year.
"Our third quarter displayed continued revenue growth acceleration and the advancement of our portfolio evolution," said Mike McNamara, CEO at Flex. "This marked our fourth straight quarter of accelerating year-over-year revenue growth, with all four of our business groups beating the midpoint of their revenue guidance ranges. In addition, both our HRS and IEI businesses set new records for quarterly revenue and adjusted operating profits."
Flex generated cash from operations of $150 million and $431 million for the three and nine-month periods ended Dec, 31, respectively.
Flex ended the quarter with approximately $1.3 billion of cash on hand and total debt of approximately $2.9 billion.
For the fiscal fourth quarter ending Mar. 31, revenue is expected to be in the range of $6.1 billion to $6.5 billion.
Flex is the parent company of Multek.