SINGAPORE – Electronics manufacturing services provider Flextronics today reported second-quarter adjusted net income of $158 million, down 12% year-over-year.

Net sales increased 8% to $8 billion compared to the same period last year.

“From a revenue growth perspective, our business performed well in the quarter despite the sluggish macroeconomic backdrop. Outside of our Industrial and Emerging Industries business group, our three remaining groups grew both sequentially and year-over-year, driven by new outsourcing programs,” said Mike McNamara, CEO of Flextronics. “We have accelerated our exit of the ODM PC business, which will be completed in the December quarter.”

“We generated $176 million of free cash flow for the quarter, as we continue to tightly manage our working capital. This strong cash generation aided the repurchase of more than 19 million ordinary shares with a cost of slightly more than $100 million,” said Paul Read, CFO of Flextronics. “This week we also closed a new $2 billion credit facility."

For the third quarter, revenue is expected to be in the range of $7.3 billion to $7.7 billion.

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