SINGAPORE – Flextronics reported first-quarter net sales of $6 billion, down 20% year-over-year.

For the period ended June 29, GAAP net income was $137 million, up 1% compared to the same quarter in 2011.

“Despite the challenging economic environment, we achieved our targeted operating margin, and our adjusted EPS improved 10% compared to the same quarter last year,” said CEO Mike McNamara. 

“We repurchased another 20.4 million shares during the quarter, which has resulted in the reduction of our diluted weighted average shares outstanding by 9% or 72 million shares from a year ago," said CFO Paul Read.

For the second quarter, the electronics manufacturing services firm expects revenue in the range of $5.9 billion and $6.3 billion.

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