Flex Ltd (NASDAQ:FLEX) posted results for its third quarter closed December 31, 2017. Mike McNamara, the CEO, expressed that their third quarter demonstrated continued revenue growth increase and the advancement of their portfolio evolution. This marked their fourth successive quarter of increasing YoY revenue growth, with all four of their business groups surpassing the mid-point of their revenue projection ranges. In addition, both company’s IEI and HRS businesses established new records for adjusted operating profits and quarterly revenue.
Flex reported that net sales for the third quarter closed December 31, 2017 came at $6.75 billion, jumping 10% year-over-year and crossing the high end of the projection range of $6.3 billion to $6.7 billion. GAAP income came at $141 million before income taxes for the third quarter while adjusted operating income stood at $220 million, at the mid-point of the projection range of $205 million – $235 million. The company reported that GAAP net income was around $118 million while adjusted net income came at $164 million. Non-GAAP EPS was $0.31 and GAAP EPS came at $0.22 for the reported quarter.
Flex recorded cash from operations of $150 million for the three-month period closed December 31, 2017. The firm remains dedicated to return more than 50% of yearly free cash flow to its stockholders as it rebought ordinary shares for around $35 million during the three-month period closed December 31, 2017.
Flex closed the third quarter with cash on hand of approximately $1.3 billion while total debt stood at around $2.9 billion. The balance sheet continues to be impressive and is well-positioned to advance the business over the long-term.
The firm intends to commence targeted restructuring measures during its Q4 2018. The goal of the activities is to turn Flex a faster, more responsive firm, and one that will always adapt to the incredible market prospects ahead.