flextronics intl ltd (FLEX) Snapshot

Flextronics International Ltd. is reducing operations at its Arad plant and plans firing about 100 employees. The management has notified employees in the past few days that they are losing their jobs and in the coming weeks the number of layoffs will rise to a total of about 100.

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. 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%.