Flextronics International Ltd. Announces Management Changes
May 3 13
Flextronics International Ltd. announced that effective May 3, 2013, Paul Read, chief financial officer, has decided to leave the company to pursue new opportunities, but will remain available for any necessary transitional activities through the end of the current quarter. Christopher Collier, who has served as an officer of the company since 2005, and chief accounting officer since 2007, has been appointed chief financial officer effective immediately.
Flextronics International Ltd. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended March 31, 2013; Provides Earnings Guidance for the First Quarter Ending June 28, 2013
Apr 30 13
Flextronics International Ltd. Announced unaudited consolidated earnings results for the fourth quarter and year ended March 31, 2013. For the quarter, the company reported net sales of $5,295,318,000 against $6,369,966,000 a year ago. Operating loss was $27,051,000 against operating income of $148,373,000 a year ago. Loss before income taxes was $43,192,000 against income before income taxes of $150,561,000 a year ago. Net loss from continuing operations was $27,008,000 or $0.04 EPS against net income from continuing operations of $143,310,000 or $0.20 EPS a year ago. Net loss was $27,008,000 or $0.04 EPS against net income of $124,733,000 or $0.18 EPS a year ago. Non-GAAP net income from continuing operations was $86,283,000 or $0.13 EPS against $166,053,000 or $0.24 EPS a year ago. Non-GAAP net income was $86,283,000 or $0.13 EPS against $148,507,000 or $0.21 EPS a year ago. The company generated $109 million in cash flow from operations. Net capital expenditures amounted to $107 million, resulting in nominal free cash flow generation for the quarter. Adjusted EBITDA declined to $229 million.
For the year, the company reported net sales of $23,569,475,000 against $29,343,029,000 a year ago. Operating income was $349,413,000 against $640,386,000 a year ago. Income before income taxes was $328,815,000 against $328,815,000 a year ago. Net income from continuing operations was $302,502,000 or $0.45 EPS against $520,770,000 or $0.72 EPS a year ago. Net income was $277,051,000 or $0.41 EPS against $488,765,000 or $0.67 EPS a year ago. Non-GAAP net income from continuing operations was $564,308,000 or $0.84 EPS against $617,031,000 or $0.85 EPS a year ago. Non-GAAP net income was $549,857,000 or $0.81 EPS against $591,350,000 or $0.81 EPS a year ago. The company generated $1.1 billion in cash flow from operations. Adjusted EBITDA totaled over approximately $1.1 billion over the last 12 months.
The company provides earnings guidance for the first quarter ending June 28, 2013. For the quarter, the company’s revenue is expected to be in the range of $5.3 billion to $5.6 billion and adjusted EPS from continuing operations is expected to be in the range of $0.12 to $0.16 per share. GAAP earnings per share from continuing operations are expected to be lower than the guidance provided herein by approximately $0.03 per diluted share for intangible amortization and stock-based compensation expense, and by approximately $0.04 to $0.05 per diluted share for the remaining restructuring charges. The company continues to believe that operating effective tax rate within the range of 8% to 10%.
Flextronics International Ltd. Announces Opening of Medical Design Center in Milan, Italy
Apr 23 13
Flextronics International Ltd. announced the opening of its new showcase medical design center located in Milan, Italy. This Design and Industrialization Center, which provides services to customers in the medical industry, is ISO 13485 certified and provides world-class expertise for FDA class II and III medical devices, drug delivery devices, medical equipment and disposables. The center provides services across design, program management, industrialization and design transfer. The center is equipped with the industry's latest equipment and a team of advanced medical design engineers with proven success in providing customers with advanced innovative design solutions and offerings that increase their competitiveness and decrease time to market. The center is 5,000 square meters (53,800 square feet) and currently staffs approximately 200 design engineers with space for up to 2,000 square meters (21,500 square feet) of engineering labs. It includes advanced rapid prototyping machines, a New Product Introduction (NPI) lab for process development and small scale assembly in a controlled environment, engineering labs and a compliance testing metrology area.
Flextronics International Ltd. Presents at Bloomberg New Energy Finance Summit, Apr-23-2013 04:45 PM
Apr 16 13
Flextronics International Ltd. Presents at Bloomberg New Energy Finance Summit, Apr-23-2013 04:45 PM. Venue: Grand Hyatt, New York, New York, United States. Speakers: Jeannine Sargent, President, Energy.