SAN JOSE -- Flextronics, the world's second-largest EMS company, reported record fourth quarter net sales on the integration of competitor Solectron.

For the period ended March 31, sales rose 66% year-over-year to $7.8 billion, while operating profit increased 86% to $263 million, and adjusted net income jumped 76% to $215 million. Including one-time charges, the company took a loss of $93 million, down from $121 million last year.

Flextronics guided for June quarter revenue of $8 billion to $8.5 billion.

During the quarter, operating margin improved 40 basis points to 3.4%. Cash from operations was $1 billion.

For the year, net sales were up 46% to $27.6 billion, and net income increased 56% to a record $745 million.

At quarter's end Flextronics had cash and cash equivalents of $1.7 billion.

In a press release, chief executive Mike McNamara noted, "In addition to increasing our vertical capabilities throughout the year, we also diversified across more product categories by expanding into the PC, notebook, disposable medical devices and medical plastics markets. We have also added over 1000 design engineers across a variety of segments and have expanded our ODM/CDM portfolio."

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