Product category:
Communications ICs (Wired)
News Release from: Flextronics - Short Range Wireless
Edited by the Electronicstalk Editorial
Team on 30 April 2007
Wireless company announces 32% jump in
sales
Flextronics revenues grew by 23% in the 2007 fiscal year to an all-time high of US $18.9 billion.
Flextronics has announced results for its fourth quarter and fiscal year ended 31st March, 2007 Net sales for the fourth quarter ended 31st March, 2007 were US $4.7 billion, which represents an increase of US $1.1 billion, or 32%, over the same quarter of last year
This article was originally published on Electronicstalk on 7 May 2001 at 8.00am (UK)
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Adjusted operating income for the fourth quarter ended 31st March, 2007 increased 36% over the same quarter of last year while adjusted net income increased 24% to US $122 million, or US $0.20 per diluted share, compared to US $98 million, or US $0.16 per diluted share, in the same quarter of last year.
Net sales for the fiscal year ended 31st March, 2007 were a record high US $18.9 billion, which represents an increase of US $3.6 billion, or 23%, over the 2006 fiscal year.
Adjusted operating income for 2007 fiscal year increased 21% over the prior fiscal year while adjusted net income for 2007 fiscal year increased 15% to a record US $478 million, or US $0.80 per diluted share, compared to US $417 million, or US $0.69 per diluted share, in the 2006 fiscal year.
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GAAP net income increased 181% to US $121 million, or US $0.20 per diluted share, for the fourth quarter ended 31st March, 2007 compared to US $43 million, or US $0.07 per diluted share, in the year ago quarter.
GAAP net income increased 261% to a 2007 fiscal year record US $509 million, or US $0.85 per diluted share, compared to US $141 million, or US $0.24 per diluted share, in the 2006 fiscal year.
"We are very pleased with our record-breaking fourth quarter and fiscal year results, which reflect our intense focus on growth acceleration, vertical integration and expanding our service offering to increase our market share and profitability".
"I wish to thank our employees, who have worked hard to achieve these revenue and profit results that are well in excess of the industry averages".
"We believe this exceptional growth is a validation of our strategy and results from our ability to add significant value to our customers".
"We will continue to be intensely focused on growing our market share with the appropriate return on capital, while enhancing our competitive position in the marketplace", said Mike McNamara, Chief Executive Officer of Flextronics.
McNamara added, "We accomplished our growth objectives as revenues grew by 23% in fiscal 2007 to an all-time record high of US $18.9 billion and adjusted annual operating profit grew by 21% while achieving our targeted annual adjusted operating margin of 3%".
"We are very pleased that we also met our adjusted earnings per share commitment of US $0.80 for fiscal 2007".
"Despite a heavy investment cycle, the company's return on invested capital increased by 60 basis points to 10.4% in fiscal 2007".
For the first quarter ending 29th June, 2007, revenue is expected to grow 18-23% on a year-over-year basis to a range of US $4.8 billion to US $5.0 billion and adjusted EPS is expected to grow 11-22% on a year-over-year basis to between US $0.20 and US $0.22 per share.
For the 2008 fiscal year, revenue is expected to grow 10-15% on a year-over-year basis to a range of between US $20.7 billion and US $21.7 billion and adjusted EPS is expected to grow 15-20% on a year-over-year basis to between US $0.92 and US $0.96 per share.
GAAP earnings are expected to be lower than the guidance provided herein by approximately US $0.03 per diluted share per quarter, reflecting quarterly intangible amortisation and stock-based compensation expense.
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