Flextronics Reports 4Q, Fiscal 2014 Results

Flextronics announced results for its fourth quarter and fiscal year ended March 31, 2014. Net sales for the fiscal year ended March 31, 2014 were $26.1 billion, an increase of $2.5 billion from the $23.6 billion recognized in fiscal year 2013.

Adjusted operating income increased 9% from $611 million to $665 million in the fiscal year ended March 31, 2014. Adjusted earnings per diluted share also increased 6% to $0.89 year-over-year.

“Fiscal 2014 marked a year of continuous improvement and execution,” said Mike McNamara, CEO of Flextronics. “We consistently grew revenue, adjusted operating profit dollars, and adjusted EPS sequentially every quarter from our March trough a year ago through our December quarter. And while we are very pleased to have exceeded expectations for all three metrics this quarter, we remain focused on providing industry-leading, end-to-end supply chain solutions, driving growth and executing our strategy.”

“We continued to deliver strong cash flow generation with fiscal 2014 cash flow from operations of $1.2 billion and free cash flow of $701 million,” said Chris Collier, chief financial officer of Flextronics. “During fiscal 2014 we repurchased 60 million shares or 9% of our shares outstanding, further demonstrating our continued commitment to deliver shareholder value.”

Net sales for the fourth quarter ended March 31, 2014 were $6.7 billion, higher than the company’s previously provided revenue guidance of $5.9 billion to $6.3 billion. The company’s adjusted earnings per diluted share of $0.24 in the fourth quarter ended March 31, 2014 was also higher than the company’s previously provided guidance of $0.18 to $0.22.

Flextronics’s adjusted operating income increased $76 million or 72%, compared to the same quarter last year, to $182 million.