MILPITAS, CA – Flextronics reported second-quarter GAAP net income of $150.55 million, up 15.9% year-over-year.

Net sales were $6.17 billion, down 23% compared to the second quarter of 2011.

“Our company … generated strong free cash flow, which was further evidenced this quarter as we achieved $482 million in cash flow from operations and $342 million in free cash flow. Our business remains on track to generate free cash flow in the range of $500 million this fiscal year,” said Paul Read, CFO of Flextronics. “The company has also received authorization from both the shareholders and the board of directors to repurchase up to 10% of the current outstanding share base. This is an extension of the programs put in place over that last few years that have reduced our share count by 21% over the last 10 quarters,” he added.

For the third quarter ending Dec. 31, revenue is expected to be in the range of $5.8 billion to $6.2 billion.

Flextronics is the parent company of Multek, a top 20 manufacturer of printed circuit boards and flex circuits.

On Oct. 22, chat with Mike Buetow about PCB West and SMTAI at PCB Chat.

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