Flextronics' Q4 Net Profits Down on Restructuring Charges PDF Print E-mail
Written by Chelsey Drysdale   
Tuesday, 30 April 2013 15:31

SINGAPOREFlextronics posted net sales for the fourth-quarter ended Mar. 31 of $5.3 billion, down 17% year-over-year.

The electronics manufacturing firm reported a GAAP net loss for the period of $27 million, compared to net profit of $143 million in the same quarter of 2012.

During the quarter, the firm took about $125 million in pretax restructuring charges comprised of $102 million of cash, predominantly related to severance and benefits, and $23 million of non-cash asset impairment charges. The company expects to take an additional $25 million to $30 million in pretax charges in its fiscal first quarter, primarily for severance and benefits.

During the period, Flextronics, the world's second largest EMS/ODM company and a top 20 printed circuit board manufacturer, generated $109 million in cash flow from operations, bringing the total to $1.1 billion for the year.

For the first quarter ending June 28, revenue is expected to be in the range of $5.3 billion to $5.6 billion.

 

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